AFFIN Bank Berhad (“ABB”) wishes to announce that Affin Recoveries Berhad, a wholly-owned subsidiary of ABB, had commenced Member’s Voluntary Winding-up pursuant to Section 439(1)(b) of the Companies Act, 2016.

Pursuant thereto, Mr. N. Chanthiran A/L Nagappan of  Chanthiran & Co, C-1-6 (Suite A), Block C, Megan Avenue 1, 189 Jalan Tun Razak ,50400 Kuala Lumpur has been appointed as the Liquidator.

Brief Information on Affin Recoveries Berhad

Affin Recoveries Berhad was incorporated on 5 July 1995.  Affin Recoveries Berhad was formerly known as BSN Merchant Bank Bhd and has ceased its investment banking operations since 2001.   On 8 January 2001, a vesting order was granted to vest all the assets and liabilities of the company except for non-performing loans, to ABB.  The company has since become dormant.  Its issued share capital stood at RM125,000,000.00 as at 31 March 2018.

Rationale for the Winding-up

The Members' Voluntary Winding-up of Affin Recoveries Berhad is part of ABB Group’s continuing initiative to reduce the number of dormant companies and to eliminate unnecessary administrative costs in maintaining the said subsidiaries.

Effects of Winding-up

The winding-up of Affin Recoveries Berhad is not expected to have a material effect on the consolidated earnings and net assets of ABB for the financial year ending 31 December 2018.

This announcement is dated 28 May 2018.