Setback to Yu’s stockbroking dream

TheStar Sat, Sep 17, 2016 08:10am - 7 years View Original

DATUK Dr Yu Kuan Chon’s failure to secure a controlling stake in Pan Malaysia Holdings Bhd (PM Holdings) has put an end, at least for now, to the businessman’s attempt at getting ownership of a stockbroking business.

Yu had back in late 2014 sought to buy the 69.192% stake in loss-making PM Holdings from Malayan United Industries Bhd, which, in turn, is owned by the once high-flying tycoon Tan Sri Khoo Kay Peng.

But last Wednesday, PM Holdings said the deal had been terminated without giving any explanation.

In March, StarBizWeek had speculated that the regulators may have had an issue with an individual like Yu coming into control of a stockbroking company, preferring an institutional outfit instead. It was then also reported that Yu was seeking to secure an institutional partner to strengthen his chances of securing the approval of the regulators.


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