SBI now the 2nd biggest shareholder in N2N

By Supriya Surendran - September 4, 2018

KUALA LUMPUR (Sept 4): Market information provider Quick Corp and its parent company Japanese media giant Nikkei Inc, have sold 62.04 million shares, representing a 10.84% stake in N2N Connect Bhd to fellow Japanese company SBI Holdings Inc for RM68.24 million.

After the disposal, Quick and Nikkei’s stake in N2N have been reduced to 5.24% each, while SBI’s stake has jumped to 19.9%.

N2N managing director Andrew Tiang and his wife, N2N executive director Jovelyn Lai Su Ping, remain the largest shareholders of N2N with a 37% stake, controlled via their interests in N2N Connect Holdings Sdn Bhd and via their respective personal stakes.

SBI first emerged as a substantial shareholder of N2N on June 13 this year, after acquiring a 9.09% stake in the company via a private placement that was meant to pave way for a strategic collaboration that would leverage on the financial technology and brokerage networks of both parties.

SBI’s businesses consists of financial services, asset management and biotechnology-related businesses.

In a note in June, AmInvestment Bank said the N2N and SBI collaboration is aimed at expanding N2N’s regional footprint and expedite the set-up of an “Asia Trading Hub”. In addition, it will also allow N2N to tap into SBI’s large network of brokers and its headway in financial technology such as blockchain.

At 3.45pm today, N2N shares were up 7 sen or 6.1% to RM1.21, with 1.38 million shares traded.

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