Affin seeks Bank Negara's approval to buy more shares in AXA Affin General Insurance

PETALING JAYA: Affin Holdings Bhd is seeking Bank Negara Malaysia's (BNM) approval for its acquisition of an additional 8.41 million shares in AXA Affin General Insurance Bhd from Felda Marketing Services Sdn Bhd (Felma) for RM99.09 million cash.
"Further details on the proposed acquisition will be announced later upon the execution of the share purchase agreement after the approval of BNM has been obtained," Affin said.
AXA Affin General Insurance is a joint venture between AXA Group and Affin, in which Affin has some 37% stake.
According to its website, AXA Affin General Insurance is one of the fastest growing general insurance companies in Malaysia, and the number one leader in medical and health insurance.
It provides comprehensive and tailored protection solutions to individuals and businesses in the areas of motor, home, accidental, travel and commercial insurance. It has over 4,700 agents nationwide.
Affin's share price was unchanged at RM2.56 on some 89,300 shares done.