We refer to the announcements dated 22 June 2021, 30 June 2021, 9 May 2022, 18 May 2022 and 19 May 2022.

On behalf of the Board of Directors of Affin (“Board”), Affin Hwang Investment Bank Berhad (“Affin Hwang IB”) wishes to announce that Bank Negara Malaysia (“BNM”) in its letter dated 18 August 2022 (“Approval Letter”), informed the Company that BNM grants its approval for the following:

1. pursuant to Section 100(4) of the Financial Services Act 2013 (“FSA”) with the Minister of Finance’s concurrence, for MPIG to transfer its whole general insurance business to AAGI;

2. pursuant to Sections 87(1)(b)(i) and 90(3) of the FSA for Generali Asia N.V. (“Generali Asia”) to increase its direct interest in shares in AAGI from 53% to 70% in consideration for the Proposed Merger;

3. pursuant to Sections 87(1)(b)(i) and 90(3) of the FSA for Generali Participations Netherlands N.V. and Assicurazioni Generali S.p.A. to increase their effective interest in shares in AAGI from 53% to 70% in AAGI; and

4. pursuant to Section 105(1) of the FSA for AAGI to publish the order of the High Court for the Proposed Merger in The New Straits Times and Berita Harian.

Following the receipt of the Approval Letter, all conditions precedent under the share sale agreement entered into between Affin and Generali Asia on 18 May 2022 for the Proposed AAGI Disposal and Proposed AALI Disposal have been fulfilled (other than those conditions precedent which are only to be fulfilled on closing of the Proposed AAGI Disposal and Proposed AALI Disposal) and accordingly, the unconditional date for the purpose of the share sale agreement is 19 August 2022. 

This announcement is dated 22 August 2022.