KUALA LUMPUR (Oct 22): RHB Bank Bhd has gotten the approval from the State Securities Commission of Vietnam (Vietnam SSC) for its proposed acquisition of the remaining 51% equity interest in Vietnam Securities Corporation (VSEC) for VND 121.63 billion (RM21.28 million).

In a filing to Bursa Malaysia this afternoon, RHB said the approval was received on Oct 18 via a letter from Vietnam SSC which was dated on Oct 17.

The approval by Vietnam SSC is subject to two conditions, namely the proposed acquisition must be completed within 90 days from the date of approval, failing which the approval shall lapse, and VSEC shall make the necessary reporting and announcement in relation to the transaction in accordance with the relevant laws in Vietnam.

On Feb 9, RHB Bank had announced that its wholly-owned subsidiary RHB Investment Bank entered into a conditional share purchase agreement with Chu Thi Phuong Dung, Truong Lan Anh and Viet Quoc Insurance Broker Joint Stock Company for the acquisition of the remaining 51% equity interest in VSEC comprising 6.88 million existing common shares for VND 121.63 billion in cash.

Upon completion of the proposed acquisition, VSEC will become a wholly-owned subsidiary of RHB Investment Bank.

At noon market close today, RHB Bank shares were down 8 sen or 1.5% at RM5.25, with 98,900 shares traded.