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ATR KimEng Financial Corp. (ATRKE Financial) announced on Monday
that a Japanese firm will increase its stake in the company’s
largest shareholder in light of the two entities’ collaboration in
equity brokerage and asset management businesses.
In a disclosure to the Philippine Stock
Exchange, ATRKE Financial said its Singapore-listed shareholder,
KimEng Holdings Ltd., has signed a strategic alliance agreement with
Mitsubishi UFJ Securities Co. Ltd., a unit of Japan’s biggest
bank.
Under the agreement, the two financial companies
would “join forces in equity brokerage, asset management and other
businesses” wherein the partnership will leverage on Mitsubishi
UFJ Securities’ extensive distribution network in Japan to raise
funds for management.
KimEng would contribute its expertise in
research, brokerage and investments outside Japan. Mitsubishi UFJ
Securities said it will develop and sell new products that target
retail customers in Japan. “A new Asian investment trust is in the
pipeline,” it said.
The agreement also involves seconding employees
in each other’s key offices.
The Japanese firm also announced that it would
acquire an additional 61.56 million KimEng shares for 2.70 Singapore
dollars each through a tender offer to increase its stake in the
company. As of February 21, Mitsubishi UFJ Securities already owned
23.79 million shares in KimEng which would go up to 85.35 million
after the purchase.
Last year, the finance companies announced the
alliance with the signing of a memorandum of understanding.
“The strategic alliance between our major
shareholder and Mitsubishi UFJ Securities, as well as Mitsubishi’s
tender offer to acquire additional KimEng shares, further strengthen
ATRKE Financial’s visibility and access to business in Japan,”
Manuel Tordesillas, the local firm’s president, said.
-- Likha C. Cuevas-Miel
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