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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 | OTHERS |
| Description |
AFFIN BANK BERHAD (AFFIN OR THE COMPANY) (I) PROPOSED DISPOSAL OF 21.00% EQUITY INTEREST IN AXA AFFIN LIFE INSURANCE BERHAD (AALI) (PROPOSED AALI DISPOSAL); (II) PROPOSED DISPOSAL OF APPROXIMATELY 2.95% EQUITY INTEREST IN AXA AFFIN GENERAL INSURANCE BERHAD (AAGI) (PROPOSED AAGI DISPOSAL); AND (III) PROPOSED ACQUISITION BY AAGI OF CERTAIN ASSETS AND LIABILITIES OF MPI GENERALI INSURANS BERHAD (MPIG) VIA A BUSINESS TRANSFER TO AAGI (PROPOSED MERGER) (COLLECTIVELY REFERRED TO AS THE PROPOSALS.) |
|
We refer to the announcements dated 22 June 2021, 30 June 2021 and 9 May 2022.
On behalf of the Board of Directors of Affin, Affin Hwang Investment Bank Berhad wishes to announce that Affin had on 18 May 2022 entered into a share sale agreement (“Affin SSA”) with Generali Asia N.V. (“Generali Asia”) for:
(i) the Proposed AALI Disposal to Generali Asia for a cash consideration of RM70,791,000 subject to adjustments; and
(ii) the Proposed AAGI Disposal to Generali Asia for a cash consideration of RM84,747,811 subject to adjustments.
Simultaneous with the execution of the Affin SSA, Generali Asia has also executed:
(i) a separate share sale agreement with National Mutual International Pty Ltd and AXA Asia for the acquisition of 49.00% and 49.99% equity interest in AALI and AAGI, respectively;
(ii) a separate share sale agreement with each of the minority shareholders of AAGI, namely BHR Enterprise Sdn Bhd and FGV Marketing Services Sdn Bhd, for the acquisition of approximately 0.06% equity interest in AAGI; and
(iii) a separate share sale agreement with Multi-Purpose Capital Holdings Berhad, for the acquisition of 51.00% equity interest in MPIG.
Further details on the Proposals are as attached.
This announcement is dated 18 May 2022. |
|
Please refer attachment below.
| Company Name | AFFIN BANK BERHAD |
| Stock Name | AFFIN |
| Date Announced | 18 May 2022 |
| Category | General Announcement for PLC |
| Reference Number | GA1-18052022-00008 |
Attachments
Copyright 2020 Affin Bank Berhad 197501003274 (25046-T).
