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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”) PROPOSED ACQUISITION BY AFFIN BANK BERHAD OF P.T. BANK INA PERDANA (“BANK INA”) INVOLVING: I. PROPOSED ACQUISITION OF 65,280,000 EXISTING ORDINARY SHARES, REPRESENTING 20.82% OF THE ENLARGED ISSUED AND PAID-UP SHARE CAPITAL OF BANK INA; II. PROPOSED SUBSCRIPTION OF 185,600,000 NEW ORDINARY SHARES, REPRESENTING 59.18% OF THE ENLARGED ISSUED AND PAID-UP SHARE CAPITAL OF BANK INA; AND III. PROPOSED PUT AND CALL OPTION IN RESPECT OF UP TO 56,488,856 EXISTING ORDINARY SHARES, REPRESENTING UP TO 18.01% OF THE ENLARGED ISSUED AND PAID-UP SHARE CAPITAL OF BANK INA COLLECTIVELY REFERRED TO AS THE “PROPOSALS” |
We refer to the previous announcement dated 4 August 2010 in relation to the signing of the Share Purchase Agreement (“SPA”) and Subscription Agreement (“SA”) in respect of the Proposals. AFFIN Investment Bank Berhad, on behalf of AFFIN wishes to announce that in accordance with the terms of the SPA and SA, the SPA and SA have lapsed on 4 August 2011 as the conditions precedent to these agreements have not been fulfilled as of 4 August 2011, being the date falling twelve (12) months from the date of the respective agreements of 4 August 2010. Consequently, all other agreements which only become operative upon completion of the SPA and SA namely, the Call Option Agreement, Put Option Agreement, Non-Competition Agreement and Shareholders Agreement, all dated 4 August 2010, ceased to have any further force and effect. In view of the study currently being undertaken by Indonesia’s central bank, Bank Indonesia, in respect of the policy to limit majority shareholdings in commercial banks in Indonesia (“Policy”), AFFIN and the parties to the SPA and SA are of the view that it would be in the best interest of all parties to discontinue with the existing agreements. All parties may renegotiate the terms of the Proposals after the Policy has been released. Further announcement will be made upon any new material development.
This announcement is dated 4 August 2011. |
|
| Company Name | AFFIN HOLDINGS BERHAD |
| Stock Name | AFFIN |
| Date Announced | 4 Aug 2011 |
| Category | General Announcement |
| Reference No | MI-110804-63227 |
Copyright 2020 Affin Bank Berhad 197501003274 (25046-T).
