Singapore-based DBS Group has obtained regulatory approval to increase its stake in DBS Securities China to 91 percent, up from 51 percent, Shanghai Securities News reported on Tuesday.

The transaction is valued at about 823 million yuan ($114.3 million). DBS Securities China will better leverage its group resources to improve businesses and provide better capital market services, as quoted by Shanghai Securities News.

Data from Shanghai United Assets and Equity Exchange in late July showed that four State-backed companies planned to transfer about 40 percent stake in DBS Securities China. The transaction was completed on Nov 21.

Shanghai-based Donghao Lansheng Investment Co Ltd and Shanghai Huiyang Asset Operation Co Ltd will continue to hold a 4.5 percent stake respectively in DBS Securities China upon the latest transaction.

The establishment of DBS Securities China was approved by the China Securities Regulatory Commission, the country's top securities watchdog, in August 2020. The securities firm obtained a permit to conduct securities and futures businesses in June 2021, allowing it to conduct securities underwriting and sponsoring, brokerage, investment consultancy and propriety businesses.