KUALA LUMPUR (Dec 15): The Securities Commission Malaysia (SC) has given the greenlight to Insas Bhd’s proposal to list its stockbroking arm M & A Securities Sdn Bhd via a reverse takeover of furniture maker SYF Resources Bhd. The SC approved the application in a letter dated Dec 14, according to SYF's bourse filing on Thursday. The SC also granted approval for the proposed exemption for Insas and its persons acting in concert from the obligation to undertake a mandatory take-over to acquire the remaining SYF shares not already owned by them upon completion of the proposed acquisition. SYF will be renamed M & A Equity Holdings Bhd once the RTO is completed, as the earlier proposed name, M&A Capital Bhd, was not approved by the Companies Commission of Malaysia. Read also: Insas to list M&A Securities via RTO of SYF Resources, valuing the stockbroker at 1.2 times book value

Source: The Edge Markets December 16, 2022 03:48 UTC