Japan’s Amova Asset Management, which owns a 20% stake in Malaysia’s AHAM Asset Management, is buying out the other shareholders, including CVC Capital Parters, in a deal that values the Southeast Asian firm at between 2.6 billion ringgit (US$634 million) and 3 billion ringgit, according to a report in local business weekly The Edge.
Citing sources, the December 13 report says Amova and the other shareholders are “ironing out the final details” and expect to sign an agreement by the end of the year.
AHAM is one of the largest asset managers in Malaysia, with more than 100 billion ringgit of assets under management.
Luxembourg-based private equity firm CVC Capital is AHAM’s majority shareholder with a 68.35% stake.
The other shareholders are Malaysia’s Armed Forces Fund Board, which holds 7%, and AMAM’s senior management, including Teng Chee Wai, the founder and managing director, who collectively own 4.65%.
The takeover will need to be cleared by Securities Commission Malaysia.
Spokespersons for AHAM, CVC and Amova did not immediately respond to questions from Asia Asset Management.
