Affin Holdings gets regulatory approval for transfer listing to Affin Bank

PETALING JAYA: Affin Holdings Bhd (AHB) has received regulatory approval for the group's proposed reorganisation exercise, which will lead to the transfer listing to Affin Bank Bhd.

It told Bursa Malaysia that it had received Minister of Finance and Bank Negara Malaysia's approvals to proceed with the proposed reorganisation, which entails the transfer of AHB's entire shareholding in Affin Hwang Investment Bank Bhd, Affin Moneybrokers Sdn Bhd, AXA Affin Life Insurance Bhd and AXA Affin General Insurance Bhd to Affin Bank Bhd.

The group said it had also received the approval from the Securities Commission Malaysia for the change in the ultimate shareholder of Affin Hwang Investment Bank, Affin Hwang Asset Management Bhd and AIIMAN Asset Management Sdn Bhd.

AHB is now working to obtain the other necessary regulatory approvals to proceed with the proposed reorganisation.

"In view of the changing dynamics of the economy and industry, it is critical that we put in place the right strategies centred on efficiency, adaptability and productivity to thrive and differentiate ourselves. The proposed reorganisation will enhance the Affin Group's synergy and allow us to move forward for the next phase of our growth," said group CEO Kamarul Ariffin Mohd Jamil.

At 2.31pm, AHB shares fell one sen to RM2.61 on some 20,500 shares traded, giving it a market capitalisation of RM5.07 billion.