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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 (“AFFIN”) - PROPOSED ACQUISITION OF THE ENTIRE SHARE CAPITAL OF BH INSURANCE (M) SDN. BHD. (“BHI”) BY AXA AFFIN GENERAL INSURANCE BERHAD (“AAGI”) |
| Contents | We refer to our earlier announcements dated 5 December 2007, 3 March 2009 and the announcement by Boustead Holdings Berhad (“BHB”) dated 22 February 2010 on the receipt of approval from Bank Negara Malaysia (“BNM”) on BHB’s proposed disposal of 85,814,232 ordinary shares of RM1.00 each in BHI representing 80% equity interest therein, for cash to AAGI, a 40%-owned associate of AFFIN. The Board of Directors of AFFIN wishes to announce that BNM had vide its letter dated 18 February 2010, informed that the Minister of Finance had approved the following applications by AAGI:- i) AAGI to acquire 100% equity of BHI from BHB (80%) and Felda Marketing Services Sdn Bhd (“FMS”)(20%) pursuant to section 67 of the Insurance Act 1996 ("IA"); ii) FMS to subscribe 19,047,619 or 16% shares (newly issued) of AAGI as consideration for the disposal of its 20% equity interest in BHI to AAGI pursuant to section 67 of IA; and iii) AAGI to be exempted under Section 69 of IA to hold more than one general insurance licence for 12 months. In the said letter, BNM also stated that it had no objection to AAGI to issue both RM150 million subordinated debt and RM55 million senior debt to its shareholders. This announcement is dated 22 February 2010. |
| Company Name | AFFIN HOLDINGS BERHAD |
| Stock Name | AFFIN |
| Date Announced | 22 Feb 2010 |
| Category | General Announcement |
| Reference No | CC-100222-63026 |
Copyright 2020 Affin Bank Berhad 197501003274 (25046-T).
