ING to Sell Malaysian Investment Management Business to Kenanga

December 27, 2012

On December 21, 2012, ING announced that it had reached an agreement to sell its 70% stake in ING Funds Berhad to Kenanga Investors Berhad, a Malaysian investment business listed on Bursa Malaysia in Kuala Lumpur and a wholly-owned subsidiary of K&N Kenanga Holdings Berhad.  In connection with the transaction, ING’s venture partner Tab Inter-Asia Services Sdn Berhad will also sell its 30% stake in the business to Kenanga Investors. 

On December 21, 2012, ING announced that it had reached an agreement to sell its 70% stake in ING Funds Berhad to Kenanga Investors Berhad, a Malaysian investment business listed on Bursa Malaysia in Kuala Lumpur and a wholly-owned subsidiary of K&N Kenanga Holdings Berhad.  In connection with the transaction, ING’s venture partner Tab Inter-Asia Services Sdn Berhad will also sell its 30% stake in the business to Kenanga Investors.  The transaction is subject to regulatory approval and is expected to close in the first quarter of 2013.  The terms of the transaction were not disclosed.  ING Funds Berhad is a fund management house with approximately €500 million in assets under management.

To read the press release, please click here.


Categories

Investment Manager M&A, Transactions