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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 | AFFIN HOLDINGS BERHAD (“AHB”) PROPOSED DISPOSAL BY AFFIN-ACF HOLDINGS SDN BHD (“AFFIN-ACF”) OF 100% EQUITY INTEREST IN AFFIN INSURANCE BROKERS SDN BHD (“AIB”) TO COMMERCE INTERNATIONAL GROUP BERHAD (“CIGB”) ("PROPOSED DISPOSAL") |
| Contents | We refer to our announcement dated 8 October 2008. On behalf of AHB, AFFIN Investment Bank Berhad (“AFFIN Investment”) is pleased to announce that AFFIN-ACF and CIGB had entered into a share sale agreement dated 10 November 2008 (“SSA”) for the disposal of 100% equity interests in AIB (“Sale Shares”). The salient terms of the SSA are as follows:- (i) AFFIN-ACF agrees to sell the Sale Shares free from all mortgage, debenture, charge, lien or other encumbrances and with all rights attached thereto from the date of SSA upon the terms and subject to the conditions of the SSA. (ii) The purchase consideration for the Sale Shares of RM2.5 million is derived based on the sum of two components:- (a) “Agreed Net Asset Value” being the anticipated net asset value of AIB as at completion, determined pursuant to a post-completion audit as defined in Clause 5 of the SSA; and (b) a fixed premium of RM1.5 million. Notwithstanding any other provision in the SSA, the purchase consideration must under no circumstances exceed RM2.55 million which shall be the maximum total amount payable by CIGB. (iii) CIGB shall be entitled to conduct a physical stock-take on the fixed assets more particularly described in Appendix 2 of the SSA and/or post-completion inspection and/or audit on AIB on the fifteenth (15th) working day immediately after the date of the execution of the SSA (“Post-Completion Audit”) in order to agree on the completion accounts and determine the amount of net assets of AIB for the purpose of determination of the purchase consideration. (iv) The purchase consideration of RM2.5 million shall be paid in the following manner:- (a) the initial purchase consideration of RM2.25 million being 90% of the purchase consideration upon signing of the SSA; and (b) the balance of the purchase consideration on the thirtieth (30th) working day immediately after the completion of the Post-Completion Audit on AIB subject to the retention of sufficient funds to meet with AIB’s debts or liabilities arising from accounts payable and tax. This announcement is dated 10 November 2008. |
| Company Name | AFFIN HOLDINGS BERHAD |
| Stock Name | AFFIN |
| Date Announced | 10 Nov 2008 |
| Category | General Announcement |
| Reference No | MI-081110-59761 |
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