Kenanga to focus on listed debentures with success of Seylan Bank debenture issue

In order to broad-base the corporate debt market and to create liquidity in the secondary market, the Government through its 2013 Budget proposals has made interest income from listed debentures tax free in the hands of the investor.

In order to provide this benefit to the investors, Kenanga Investment Corporation Ltd. has signed up with few corporate to issue listed debentures. Kenanga intends to manage three to four listed debenture issues in 2013. Kenanga has some potential investors lined up for the listed debenture issues to take advantage of the tax benefit.

The Seylan Bank Rs. 2 b listed debenture issue managed by Kenanga Investment Corporation was oversubscribed on the opening day and the issue was closed on the same day .i.e. 14 February 2013. Applications for debentures amounting to the value of Rs. 2.05 b were received.

Kenanga Investment Corporation is the overseas investment arm of Malaysian listed Investment Bank K&N Kenanga Holdings Berhard. K&N Kenanga Holdings Berhard is a leading provider of wealth management, corporate finance and investment banking services.

The total assets of K&N Kenanga Holdings Berhard amount to US$ 1.76 b as per 31st December 2012 unaudited financial statements.

K&N Kenanga Holdings Berhad (the Group) is a long established financial group in Malaysia with almost 40 years of collective experience in equity broking, investment banking, futures broking, treasury, specialised finance and fund management.

Previously known as K&N Kenanga Berhad, the Group was formed in 1996 to facilitate a restructuring exercise involving the acquisition of K&N Kenanga Berhad which was later renamed as Kenanga Investment Bank Berhad.

The Group was listed on the Main Board of Bursa Malaysia Securities Berhad in the same year.

Its group of companies includes Kenanga Investment Bank Berhad, Kenanga Investors Berhad, Kenanga Deutsche Futures Sdn Bhd and Kenanga Capital Sdn Bhd. Moving towards becoming an international financial player, the Group has established its presence in Asia and Middle East, through direct equity participations and strategic partnerships in Vietnam, Sri Lanka and Saudi Arabia.

Kenanga Investment Corporation Ltd. (KICL) was established in Sri Lanka in 2007 and specialises in capital markets activities with core strengths in investment banking and fund management.