OCBC unit acquires remaining 51% of Horizon Asset Management

KIM, a wholly-owned unit of OCBC, has acquired the remaining 51 per cent stake it did not already own in Malaysia-incorporated Horizon Asset Management for RM2.55 million (S$837,650) in cash. This makes Horizon a fully-owned unit of OCBC.

In a bourse filing on Thursday, OCBC said that the was consideration determined based on the mutually agreed price of RM1 for each issue share of Horizon held by the existing shareholder, Sharosu Assets.

The audited net tangible asset value represented by the acquisition was about RM420,000 as of end-2019. The acquisition is not expected to have any material impact on OCBC's performance for the year ended December 2021.

Shares of OCBC closed flat at S$10.65 on Thursday.