353 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 55. SIGNIFICANT AND SUBSEQUENT EVENTS (a) There was no significant event during the financial year ended 31 December 2022 other than the following: Changes in composition of the Group (i) On 12 May 2022, K & N Kenanga Holdings Berhad (“KNKH”), a wholly-owned subsidiary of the Bank, entered into a Share Purchase Agreement with Hung An Dien Co. Ltd. (“HADCL), a company organised and existing under the laws of Vietnam, to dispose 6,615,000 shares in Kenanga Vietnam Securities Joint Stock Corporation (“KVS”), representing 49% of the entire issued and outstanding capital of KVS to HADCL. Consequential to the disposal, KVS ceased to be an associate company of KNKH. (ii) On 26 October 2021, KIBB entered into a conditional Joint Venture Agreement with Rakuten Securities, Inc. and KSPL to jointly collaborate in providing online brokerage services through KSPL in Singapore. KSPL has changed its name to Rakuten Trade Singapore Pte. Ltd. (“RTSPL”) effective from 26 January 2022 and RTSPL became a joint venture entity arising from the change of the Bank’s shareholding in RTSPL from 100% to 50% while Rakuten Securities, Inc.’s shareholding is 50%. (b) There was no significant event subsequent to the financial year ended 31 December 2022 other than the following: Changes in composition of the Group Pursuant to the call and put option agreement between Kenanga Capital Sdn Bhd (“KCSB”) and Bay Amarantite Sdn Bhd (“BASB”) dated 30 June 2020, BASB had on 17 February 2023 exercised its call option to purchase additional 31% of Kenanga Capital Islamic Sdn Bhd’s (“KCISB”) ordinary shares. Upon completion of the option exercise, KCSB’s shareholdings in KCISB will be reduced to 20% and KCISB will cease to be a subsidiary of KCSB.
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