The shareholders of Kay Hian and UOB Securities have agreed to their proposed merger, which will happen under a scheme of arrangement. The deal was unanimously approved by shareholders of both companies at extraordinary general meetings held in Singapore on Wednesday. The merged entity will be called UOB-Kay Hian Holdings and it will be structured as an investment holding company.
The terms of the merger will firstly see UOB securities buy out all of its overseas interests in Hong Kong, Thailand, Malaysia and the Philippines for between S$53 million and S$56 million. Then shareholders of both UOB Securities and Kay Hian will exchange their existing shares for new shares in UOB Kay Hian...
