We refer to the announcements dated 22 June 2021 and 30 June 2021.

On behalf of the Board of Directors of Affin, Affin Hwang Investment Bank Berhad wishes to announce that Bank Negara Malaysia (“BNM”) in its letter dated 6 May 2022, informed the Company that the Minister of Finance had on 28 April 2022, approved the Proposed AALI Disposal and Proposed AAGI Disposal pursuant to Sections 89 and 90(6) of the Financial Services Act 2013 (“FSA”) to Generali Asia N.V. (“Generali Asia”).

A new locally incorporated company will be established to hold all of the shares in AALI and AAGI (which will be merged with MPI Generali Insurans Bhd pursuant to the Proposed Merger) (“Newco”). Affin will, in turn, be holding 30% equity interest in the Newco and the remaining 70% equity interest in the Newco will be held by Generali Asia. Consequently, Affin is required by BNM to submit an application for the acquisition of its 30% equity interest in the Newco to BNM pursuant to Section 85(1)(b) of the FSA and Paragraph 8.1(b)(i) of the Policy Documents on Equity Investments dated 24 December 2019 within one month from 6 May 2022.   

Affin will enter into a share sale agreement with Generali Asia for the Proposed AALI Disposal and Proposed AAGI Disposal subject to the satisfaction of the remaining signing conditions under the implementation agreement which has been entered into between the Company and Generali Asia on 22 June 2021 and further announcements will be made accordingly.

A copy of the press release in relation to the above is attached.

This announcement is dated 9 May 2022.