PETALING JAYA: CIMB Group
Holdings Bhd’s proposed move to relinquish its remaining 25.01% stake in joint venture CGS-CIMB Securities Sdn Bhd to partner, China Galaxy Securities Co Ltd, will not have a significant impact on its financials.
Kenanga Research stated the proposed sale, expected to be completed by January, would relieve CIMB of associate contributions of about RM20mil in financial year 2022 (FY22) and will not materially impact the banking group’s long-term earnings.
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