NH Investment & Securities Co. said on Dec. 28 that it will invest 390 billion rupia (about US$27.2 million) in NH Korindo Securities, its subsidiary in Indonesia, in order to expand its business in the Southeast Asian country.
The additional investment by NH Investment & Securities Co. will increase NH Korindo Securities’ equity from about 22 billion won to 52.5 billion won (US$47 million).
"NH Korindo is strengthening its position as a local brokerage company. It ranks 10th among securities companies operating in Indonesia, according to Indonesia's economic magazine ‘Investor,’” NH Investment & Securities said. "The funds raised through this round of capital increase will be used to strengthen the affiliate’s investment bank (IB) business and expand its business areas to become a general investment company in Indonesia."