Affin, Daiwa extend talks on stake in investment bank
PETALING JAYA: Affin Holdings Bhd’s negotiations with Daiwa Securities Group Inc of Japan for the latter’s proposed acquisition of a minority stake in Affin Hwang Investment Bank Bhd have been extended for four months to Feb 29, 2016.
Bank Negara Malaysia, in a letter dated Nov 6, said it has no objection to Affin’s application for the extension to complete its negotiations with Daiwa in relation to the proposed acquisition.
“Further announcements will be made as and when there are material developments pertaining to the proposal,” Affin said in a filing with the stock exchange on Monday.
Affin had submitted the application to the central bank on Oct 19, seeking its approval for an extension of time for both parties to conclude the negotiations.
On April 29, Bank Negara said that it has no objection in principle for Affin to begin negotiations with Daiwa, subject to both parties concluding negotiations within six months.