Shares of Singapore’s Kim Eng Holdings (KEHS.SI) opened 13% higher on Friday after Malaysia’s largest lender Maybank (MBBM.KL) offered to buy the stockbroker for US$1.4 billion ($1.8 billion).

Around 9:02 a.m., Kim Eng shares were traded at $3.05, below Maybank’s offer price of $3.10 a share but well above its last traded price of $2.70.

Maybank said on Thursday that it has already agreed to buy a 44.6% stake in Kim Eng from two major shareholders.

Shares in Kim Eng had risen around 35% in the three weeks prior to Maybank’s offer, when reports first emerged of an impending stake sale.

Mitsubishi UFJ Securities owns about 29% of Kim Eng -- a top five broker in Singapore, Thailand, Indonesia and the Philippines -- and it was not clear whether or not the Japanese broker will sell its shares.

Kim Eng was suspended from trading on Thursday.