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OCBC adds 18.51% stake in Maxwealth Fund Management for S$12.6 million
OVERSEA-CHINESE Banking Corp (OCBC) has, through its subsidiary, Lion Global Investors, raised its stake in China-based Maxwealth Fund Management Company for RMB61.45 million (S$12.6 million).
That lifts OCBC's stake in Maxwealth from 10 per cent to 28.51 per cent, making Maxwealth an associated company of OCBC.
The remaining 71.49 per cent interest in FMC is held by Bank of Ningbo Co, which is also an associated company of OCBC.
The purchase price was based on Maxwealth's audited net book value of RMB1.66 per share as at Dec 31, 2016 and was funded by internal resources.
The transaction is not expected to have any material impact on the net tangible assets or earnings per share of the OCBC Group for the financial year ending Dec 31, 2018.