CIMB-Principal to buy Thai asset management company

PETALING JAYA: CIMB Group Holdings Bhd plans to buy the entire stake in Thai based Finansa Asset Management Ltd (FAM) for Thai Baht 225 million (about RM22 million).
Its 60%-owned indirect subsidiary, CIMB-Principal Asset Management Co Ltd, entered into a conditional share pruchase agreement with Fianansa Public Co Ltd yesterday.
In a filing to Bursa Malaysia, CIMB Group said the proposed acquisition will not have any material effect on the group's consolidated net assets and earnings and will not have any effect on its share capital and substantial shareholders' shareholdings.
FAM, established in 1969, is an asset management company based in Thailand which is involved in the management of mutual funds, provident funds and private funds. As of June 30, 2014, FAM has assets under management of about 36.3 billion baht (RM3.6 billion).