Affin gets Bank Negara approval to raise stake in general insurer

PETALING JAYA: Affin Holdings Bhd has received the approval of Bank Negara Malaysia (BNM) for a proposed acquisition of 7.07% equity interest in AXA Affin General Insurance Bhd from Felda Marketing Services Sdn Bhd (Felma) for RM99.09 million.
The group said in a Bursa Malaysia filing that, it has received the approval of the central bank via a letter dated Sept 18 for the application made by Affin and Affin Bank Bhd.
The proposed acquisition will see Affin’s equity interest in AXA Affin GI rise from 37.07% to 44.14%.
In an application submitted to BNM on Aug 4, Affin sought to acquire some 8.41 million ordinary shares in AXA Affin GI from Felma for the abovementioned cash consideration and to establish a share purchase agreement with Felma for the proposed acquisition.
Affin’s shares closed unchanged at RM2.65 today.