|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||48.27 - 49.61|
|52 Week Range||35.70 - 56.53|
|Beta (5Y Monthly)||0.94|
|PE Ratio (TTM)||25.48|
|Forward Dividend & Yield||0.70 (1.39%)|
|Ex-Dividend Date||May 24, 2021|
|1y Target Est||N/A|
KUALA LUMPUR (Reuters) -Malaysian credit reporting firm CTOS Digital Bhd has secured more than 20 cornerstone investors for its planned public market debut next month, including AIA Group Ltd and Aberdeen Standard Investments, two sources familiar with the deal said. Other funds signed on for what is set to be Malaysia's biggest initial public offering so far this year are Fidelity International, Eastspring Investments and other local asset managers, including two of the largest government-linked funds. Bloomberg reported earlier that the company was in talks to sign up these investors as cornerstone shareholders.
(Bloomberg) -- Malaysia’s CTOS Digital Bhd., which operates a credit reporting agency, is in talks to sign up Aberdeen Standard Investments and AIA Group Ltd. as cornerstone investors for its planned initial public offering, according to people with knowledge of the matter.Eastspring Investments Bhd., Fidelity International and several local asset managers are also in discussions to participate in what could be Malaysia’s biggest listing this year, the people said.The company aims to sell shares
The latest sale also comes with a 15-year deal giving AIA Group the exclusive right to sell life insurance products to BEA'S personal banking customers in mainland China, Hong Kong and Macau for a fee. The banking group had US$114.1 billion of assets at the end of 2020, while AIA Group had US$326.1 billion. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. "This will allow us to earn a good commission income every year," BEA'S co-chief executive Adrian Li Man-kiu said by phone on Thursday. "It will also be a good strategic partnership" for both parties to capture the big cross-border business opportunities, he added. Adrian Li Man-kiu (right) and Brian Li Man-bun (left) became co-chief executives of the Bank of East Asia from July 2019. Photo: Handout alt=Adrian Li Man-kiu (right) and Brian Li Man-bun (left) became co-chief executives of the Bank of East Asia from July 2019. Photo: Handout> The BEA-AIA partnership will challenge home rivals with a longer history of tie-up who are positioning themselves in the much heralded Greater Bay Area development. The anticipated cross-border Wealth Management Connect and Insurance Connect could be "the next big thing," Li added. HSBC, the biggest bank in Europe and Hong Kong, struck a similar long-term deal with AXA in 2012 after hiving off its general insurance business to the French group in 2012. Standard Chartered agreed in 2017 to sell Allianz's general insurance products to its retail banking clients in China and the region. The purchase of BEA Life will further entrench AIA's commanding position. Hong Kong and mainland China each contributed 35 per cent and 21 per cent to its operating profit after tax of US$5.94 billion in 2020, its two single-largest markets. "The many partnerships is a clear indication that banks are struggling to make good profit, particularly during economic downturns following the global financial crisis in 2008 and also in recent years during the pandemic," said Kenny Ng Lai-yin, a strategist at Everbright Sun Hung Kai. BEA, with a large network of 140 branches in Hong Kong and mainland cities, could help AIA to expand sales, especially in the Greater Bay Area, Ng said. Collapse of a market alt=Collapse of a market> For Paul Singer's Elliott Management, the sale of BEA Life represents a partial victory. His fund, which held an 8.54 per cent stake at the end of 2020, fought BEA and some of its directors from 2014 to force the lender to sell its business or slim down. His reward may be some payout from part of the HK$5.07 billion proceeds. Elliott Management, under its CEO and founder Paul Singer, battles with BEA and its directors after emerging as a shareholder in 2014. Photo: Reuters alt=Elliott Management, under its CEO and founder Paul Singer, battles with BEA and its directors after emerging as a shareholder in 2014. Photo: Reuters> The stock was little changed this year at HK$16.54 while the Hang Seng Index climbed 4.1 per cent. Still, the bank has slumped 42 per cent over the past five years while the benchmark index rose 38.2 per cent, partly battered by huge loan losses in its mainland China operations. BEA will consider how to reward shareholders, with options including paying a special dividend or share buy-back, co-CEO Li said in the phone interview. It will also use the proceeds to hire more people to strengthen its wealth management and digital banking units. "We will continue to look for other partnerships to expand our business in future or to make acquisitions when good opportunities arise," he said. For now, however, it has no further plans to sell its existing assets, Li added. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2021. South China Morning Post Publishers Ltd. All rights reserved.