Kenanga ups stake in KDX to 82%

PETALING JAYA: Kenanga Investment Bank Bhd (Kenanga) has increased its equity stake in Kinetic DAX Sdn Bhd (KDX) to 81.70% up from 19%, making the fully licensed and regulated digital asset exchange, a subsidiary of Kenanga.

In a statement, Kenanga said the exercise will strengthen its position as Malaysia’s first and only bank-backed digital asset exchange.

“The transaction was undertaken through the group’s wholly‑owned subsidiary, Kenanga Private Equity Sdn Bhd, as part of a fundraising and capitalisation exercise carried out by KDX.

“Upon completion, Kenanga’s ordinary shareholding in KDX increased to 81.70%.”

It added that the enhanced capital position following the transaction will support KDX’s continued growth and resilience.