Sources said that CIMB was looking at acquiring Jupiter Securities mainly to get an additional licence for its stock broking business that would eventually merge with China Galaxy Securities as part of a wider exercise to expand its reach and reduce cost. At the moment, CIMB already has a stock broking licence under its investment bank IB.

However, sources said it required another licence for the JV company that it is setting up with China Galaxy Securities to operate in Malaysia. CIMB Group Holdings Bhd is looking at acquiring Jupiter Securities Sdn Bhd from Olympia Industries Bhd for more than RM50mil as part of a larger corporate exercise to facilitate its joint venture JV with China Galaxy Securities Co Ltd.

To do this, it would need a licence to operate in Malaysia through that JV.

JUPITER FND share price (JUP) - London Stock Exchange

Jupiter Securities is a smallish broking firm that is loss-making and is presently a subsidiary of Main Market-listed small-cap numbers forecast operator company Olympia. In the financial year ended Dec 31 FY16 , Jupiter Securities posted a narrowed loss to RM1. For FY16, Jupiter Securities raked in RM6. The financial performance of Jupiter Securities is affected by market share and trading volume, the company said.

For an acquisition price tag of RM50mil, Jupiter Securities is priced at 7. The stock broking business is generally a tough business to operate in and players usually lose money. And these costs are expected to be lowered following the JV with China Galaxy Securities that is expected to be completed by the first half of this year. China Galaxy Securities is one of the biggest Chinese securities companies and is listed on the Hong Kong Stock Exchange with more than eight million customers that conduct its business mostly online.

Its economies of scale and reach pave the way for it to sustain its business in the ultra-competitive world of broking. The JV is on a The stock broking industry in Malaysia is quite fragmented and this acquisition will be the first for this year, but in recent times, other similar acquisitions have taken place.

The mandatory general offer came after KAF Investment entered into an agreement to buy a The KAF privatisation was first announced in A similar consolidation was seen in the IB space then in when Hwang-DBS M Bhd HDBS sold its IB business to Affin Holdings Bhd for RM1.

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