Affin seeks nod for AXA Affin stake buy

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.