Type |
Announcement |
Subject | AFFIN HOLDINGS BERHAD ("AFFIN" or "Company") - PROPOSED ACQUISITION OF LIFE INSURANCE BUSINESS OF TAHAN INSURANCE MALAYSIA BERHAD ("LIFE BUSINESS") ("PROPOSED ACQUISITION") - PROPOSED JOINT VENTURE BETWEEN AFFIN AND NATIONAL MUTUAL INTERNATIONAL PTY LTD ("AXA") A WHOLLY-OWNED SUBSIDIARY OF AXA ASIA PACIFIC HOLDINGS LIMITED, IN RELATION TO THE PROPOSED ACQUISITION OF THE LIFE INSURANCE BUSINESS OF TAHAN INSURANCE MALAYSIA BERHAD ("PROPOSED JV") |
The Board of Directors of AFFIN wishes to announce that the Company had on 10 May 2006 acquired and subscribed for fifty-one (51) ordinary shares of RM1.00 each representing 51% of the issued and paid-up share capital of AXA AFFIN Life Insurance Berhad ("AXA AFFIN Life") for a cash consideration of RM51. The balance fourty-nine (49) ordinary shares of RM1.00 each in AXA AFFIN Life representing 49% equity interest is held by AXA. Accordingly, AXA AFFIN Life is now a subsidiary of AFFIN.
Following this and upon receipt of all regulatory approvals, Tahan Insurance Malaysia Berhad ("Tahan") shall transfer its Life Business to AXA AFFIN Life for AXA AFFIN Life to carry out the Life Business.
AFFIN and AXA will inject further funds into AXA AFFIN Life prior to the commencement of operations to enable:-
Company Name | AFFIN HOLDINGS BERHAD |
Stock Name | AFFIN |
Date Announced | 10 May 2006 |
Category | General Announcement |
Reference No | CC-060510-60465 |