Af­fin seeks nod for AXA Af­fin stake buy

New Straits Times - - Business -

Af­fin Hold­ings Bhd has ap­plied for Bank Ne­gara Malaysia’s ap­proval to buy 8.41 mil­lion shares in AXA Af­fin Gen­eral In­sur­ance Bhd for RM99.09 mil­lion from Felda Mar­ket­ing Ser­vices Sdn Bhd. Af­fin, in a fil­ing to Bursa Malaysia yes­ter­day, said more de­tails on the pro­posed ac­qui­si­tion would be an­nounced upon ex­e­cu­tion of the sales and pur­chase agree­ment once the cen­tral bank’s ap­proval was ob­tained. In March last year, Bank Ne­gara gave its con­sent for Af­fin, which al­ready has a 34.51 per cent stake in AXA Af­fin, to start ne­go­ti­a­tions with Felda Mar­ket­ing, AXA Asia and the mi­nor­ity share­hold­ers to buy the ad­di­tional shares.

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