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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”) 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, 22 February 2010 and 2 March 2010 on the acquisition of the entire share capital of BHI by AAGI (“Acquisition”). The Board of Directors of AFFIN wishes to announce that the Acquisition involving the following has been completed on 30 April 2010:- i) The acquisition of 80% of the issued and paid-up share capital of BHI from Boustead Holdings Berhad for a total cash consideration of RM362,580,164 comprising the principal amount of RM359,000,000 and interest accrued on the principal amount of RM3,580,164; and ii) The acquisition of 20% of the issued and paid-up share capital of BHI from Felda Marketing Services Sdn. Bhd. (“FMS”) for a total consideration of RM90,645,041 to be satisfied by way of issuance and allotment of 19,047,619 new ordinary shares of RM1.00 each in AAGI to FMS at an issue price of RM4.76 per share, which represents 16.0% of the enlarged share capital of AAGI after the Acquisition. Hence, BHI shall be a wholly-owned subsidiary company of AAGI with effect from 30 April 2010. This announcement is dated 30 April 2010. |
| Company Name | AFFIN HOLDINGS BERHAD |
| Stock Name | AFFIN |
| Date Announced | 30 Apr 2010 |
| Category | General Announcement |
| Reference No | CC-100430-38099 |
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