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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 | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description | AFFIN HOLDINGS BERHAD (“AFFIN” OR THE “COMPANY”) (I) ACQUISITION BY AFFIN OF 500,000,000 ORDINARY SHARES OF RM1.00 EACH, CONSTITUTING 100% OF THE ISSUED AND PAID-UP SHARE CAPITAL IN HWANGDBS INVESTMENT BANK BERHAD (“HWANG IB”) AFTER THE COMPLETION OF THE PRE-CLOSING REORGANISATION FROM HWANG-DBS (MALAYSIA) BERHAD AND THE ACQUISITION OF 1,700,000 ORDINARY SHARES OF RM1.00 EACH, CONSTITUTING 17% OF THE ISSUED AND PAID-UP SHARE CAPITAL IN HWANG INVESTMENT MANAGEMENT BERHAD ("HWANG IM") HELD BY Y.A.M. TUNKU DATO’ SERI NADZARUDDIN IBNI ALMARHUM TUANKU JA’AFAR (“ACQUISITION”); AND (II) PROPOSED MERGER OF THE BUSINESSES, ASSETS AND LIABILITIES OF AFFIN INVESTMENT BANK BERHAD WITH THAT OF HWANG IB (“PROPOSED MERGER”) (COLLECTIVELY REFERRED TO AS THE “PROPOSALS”) |
Unless otherwise stated, abbreviations and definitions used throughout this announcement shall be the same as those previously defined in the announcement dated 22 January 2014. We refer to the announcement dated 22 January 2014 in relation to the Proposals. On behalf of the Board of AFFIN, AFFIN Investment Bank Berhad wishes to announce that the Acquisition has been completed on 7 April 2014 in accordance to the terms and conditions set out in the SPA. Therefore, AFFIN directly owns 100% interest in Hwang IB which in turn owns 100% interest in HDM Nominees (Tempatan) Sdn Bhd and 100% interest in HDM Nominees (Asing) Sdn Bhd, 70% interest in Hwang IM, 49% interest in Asian Islamic Investment Management Sdn Bhd and 100% interest in HDM Futures Sdn Bhd. Following the completion of the Acquisition, the Proposed Merger will be implemented and further developments pertaining thereto shall be announced in due course.
This announcement is dated 7 April 2014.
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| Company Name | AFFIN HOLDINGS BERHAD |
| Stock Name | AFFIN |
| Date Announced | 7 Apr 2014 |
| Category | General Announcement |
| Reference No | MI-140407-59619 |
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