Thursday, October 19, 2017

Malaysia’s central bank approves AXA Affin share sale

Malaysia’s central bank, Bank Negara Malaysia, has given the green light for Affin Holdings to acquire a 7.07% equity interest in AXA Affin General Insurance (AAGI) from Felda Marketing Services for M$99.09 million (US$23.62 million).

In a filing to Bursa Malaysia, the financial services group said the acquisition of shares will give a boost to the equity interest in AAGI held by Affin or its commercial banking unit Affin Bank.

From 37.07%, the interest will be raised to 44.14% once the transaction is put into effect.

In March of last year, Affin received Bank Negara Malaysia’s go-signal to begin negotiations with Felda, AXA Asia, and eventually the minority shareholders to acquire additional shares in AAGI.

BNM already told Affin it had no opposition to a proposed extension of six months, up to 5 Aug, for Affin to complete its negotiations with Felda and AXA Asia in relation to the proposed deal.

 

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