Thursday, December 14, 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.



Related Articles


Amer Ahmed, Allianz Re

Partner Content

White Papers

Follow InsuranceAsia News

Print Edition


Defending Asia's evolving risks