Investor Relations


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.

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 JY")

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")

Contents :

We refer to our earlier announcements on the Proposed Acquisition and 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:-

  • AXA AFFIN Life to meet its payment obligations under the conditional business transfer agreement entered into by AFFIN, AXA and Tahan dated 18 November 2005 on the Proposed Acquisition; and
  • AXA AFFIN Life to be capitalised in such amount as required by law, regulation or Bank Negara Malaysia, so as to comply with capital and minimum solvency and other requirements.

 


Announcement Info

Company Name AFFIN HOLDINGS BERHAD  
Stock Name AFFIN    
Date Announced 10 May 2006  
Category General Announcement
Reference No CC-060510-60465