Apex Equity, Mercury Securities to merge in RM140mil deal
KUALA LUMPUR: Apex Equity Holdings Bhd and Mercury Securities Sdn Bhd have entered into a heads of agreement (HOA) to merge their stockbroking operations.
Under the terms of the HOA, Mercury Securities has agreed to transfer its entire business into Apex for RM140mil.
“The potential synergistic benefits to be derived from the proposed merger is envisaged to improve future earnings of Apex and provide for long term sustainability in the earnings of the merged entity,” Apex said in a filing with Bursa Malaysia on Friday.
Mercury Securities is one of the three non-bank backed players licensed by the Securities Commission that can undertake full-fledged corporate advisory services which include initial public offerings, mergers and acquisitions, take overs and privatisations, equity fund raising, underwriting and placement of securities.
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