Channel NewsAsia

Taiwan's KGI Securities to buy AmFraser for S$38m

KGI Securities said the purchase of AmFraser is likely to be completed by end January 2015 upon obtaining the relevant regulatory approval. 

SINGAPORE: Taiwan's KGI Securities Co will buy AmFraser Securities for around S$38 million as it continues to grow its presence in Singapore. AmFraser is one of Singapore's oldest stockbroking firms, with a history that dates back to 1873.

Earlier this year, KGI Securities had bought local futures broker Ong First Tradition, which it subsequently renamed KGI Ong Capital. The Taiwanese firm also has operations in Hong Kong, China and Thailand.

KGI Securities, the wholly-owned securities division of Taiwan-listed China Development Financial Holding, said the purchase of AmFraser is likely to be completed by the end of January 2015 upon obtaining the relevant regulatory approval.