Vertical Theme, an investment management firm, is considering selling a stake in Alliance Bank Malaysia (KLSE:ABMB) to Singapore-listed DBS Group (SGX:D05), Bloomberg reported Thursday, citing people familiar with the development.
Vertical Theme holds a 29% stake in the Malaysia bank, according to the report.
Under Malaysian law, the company is required to submit an application to the country's central bank with DBS looking into raising its stake to up to 49% through a voluntary partial general offer, the report added.
Temasek Holdings has a 49% stake in Vertical Theme through Duxton Investment and Development, the report noted.
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