News that Kuala Lumpur-based bank CIMB Group is set to acquire Jupiter Securities has been welcomed by Hong Leong Investment Bank Research (HLIB), which has upgraded its target price on CIMB to MYR5.60 ($1.27). The stock was trading at MYR 4.50 in the morning and rose as high as MYR5 after a Bloomberg report said it had agreed to buy Jupiter for $US1.05 billion ($A@@
News that Kuala Lumpur-based bank CIMB Group is set to acquire Jupiter Securities has been welcomed by Hong Leong Investment Bank Research (HLIB), which has upgraded its target price on CIMB to MYR5.60 ($1.27). In a report, it said the deal would allow CIMB to leverage Jupiter's stockbroking license in a joint venture with China Galaxy Securities.