Malaysian Rating Corp (MARC) expects to finalise its purchase of a 4 per cent stake in Bahrain's Islamic International Rating Agency (IIRA) by early next month, the Malaysian rating agency said on Tuesday.
MARC intends to increase its stake in the Middle Eastern rating firm to at least 10 per cent this year, its chief executive, Mohd Razlan Mohamed, told reporters.
"This acquisition will further strengthen our reach beyond the shores of Malaysia in furthering investors' understanding and market penetration of Islamic rating in the Middle East and in the global arena," he said earlier in a speech.
MARC is also in negotiations with international rating agency Fitch Ratings which is looking to buy 49 per cent of the Malaysian firm.
"Talks are continuing and we remain positive as to further development in 2008," (Reuters)
MARC targets Bahrain rating firm