By Jason Ng
KUALA LUMPUR--Malaysian lenders Affin Holdings Bhd (5185.KU) and
AMMB Holdings Bhd (1015.KU) said Monday that they were cleared by
the nation's banking regulator to start talks to buy Hwang-DBS
(Malaysia) Bhd (6688.KU) businesses in a race to acquire the
investment bank from the founding family.
Both were given six months to negotiate with the owners of
Hwang-DBS, according to statements on the Malaysian stock exchange.
Major shareholders of Hwang-DBS include the Hwang family, which
owns about 30% in the company, and Singapore government investment
arm Temasek Holdings Pvt Ltd., which owns 27.7%, according to the
company's 2012 annual report.
The proposed sale comes after the Dec. 16 death of founder Hwang
Sing Lue, who helmed the company for almost four decades. Goldman
Sachs (GS) was then appointed to manage the sale of the company,
which owns one of the largest stockbroking firms in the country,
with assets of about 20 billion ringgit ($6.6 billion).
Three other potential bidders--K&N Kenanga Holdings Bhd
(6483.KU), Alliance Financial Group Bhd (2488.KU) and RHB Capital
Bhd (1066.KU)--dropped out of the race, people familiar with the
matter said.
Write to Jason Ng at jason.ng@dowjones.com
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