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The Affin Bank Group is a financial services conglomerate. The Group's activities focus on commercial, Islamic and investment banking services, money broking and underwriting of life and general insurance business.
| Type | Announcement |
| Subject | AFFIN HOLDINGS BERHAD (“AFFIN”) - PROPOSED ACQUISITION OF THE ENTIRE SHARE CAPITAL OF BH INSURANCE (M) SDN. BHD. (“BHI”) BY AXA AFFIN GENERAL INSURANCE BERHAD (“AAGI”) |
| Contents | We refer to our earlier announcements dated 5 December 2007, 3 March 2009 and 22 February 2010 on the proposed acquisition of the entire share capital of BHI by AAGI (“Proposed Acquisition”). The Board of Directors of AFFIN wishes to announce that AAGI, a 40%-owned associate company of AFFIN, had on 2 March 2010 entered into the following agreements in relation to the Proposed Acquisition. i) Sale and Purchase Agreement with Boustead Holdings Berhad for the proposed acquisition of 80% of the issued share capital of BHI for a total cash consideration of RM362,580,164 comprising the principal amount of RM359,000,000 and interest accrued on the principal amount of RM3,580,164; and ii) Sale and Purchase Agreement with Felda Marketing Services Sdn. Bhd. (“FMS”) for the proposed acquisition of 20% of the issued share capital of BHI for a total consideration of RM90,645,041 to be satisfied by way of issuance and allotment of 19,047,619 new ordinary shares of RM1.00 each in AAGI to FMS, representing 16.0% of the enlarged share capital of AAGI after the Proposed Acquisition. AFFIN had also on the same day entered into the following shareholders’ agreements to, among others, record the respective rights and obligations of the shareholders of AAGI pursuant to the Proposed Acquisition: i) Shareholders’ Agreement between AXA S.A., AFFIN and AAGI ; and ii) Shareholders’ Agreement between AXA S.A., AFFIN, FMS and AAGI. The Proposed Acquisition and the subsequent merger of AAGI and BHI are expected to derive synergistic benefits and provide a stronger platform for future growth in the Malaysian insurance industry. The combination of the two entities is expected to constitute a major player on both the individual lines and commercial markets leveraging on both companies’ strength. The Proposed Acquisition will result in a dilution of AFFIN’s equity interest in AAGI from existing 40% to 33.6% but it is not expected to have a material effect on the consolidated earnings of AFFIN for the financial year ending 31 December 2010. Barring unforeseen circumstances, the Proposed Acquisition is expected to be completed within the second quarter of the financial year ending 31 December 2010. This announcement is dated 2 March 2010. |
| Company Name | AFFIN HOLDINGS BERHAD |
| Stock Name | AFFIN |
| Date Announced | 2 Mar 2010 |
| Category | General Announcement |
| Reference No | CC-100302-59182 |
Copyright 2020 Affin Bank Berhad 197501003274 (25046-T).
