Affin shares fall slightly after Bank Negara approves general insurer stake buy

PETALING JAYA: Affin Holdings Bhd’s share price fell slightly, by 0.38% this morning, after Bank Negara Malaysia (BNM) approved its planned purchase of 7.07% equity interest in AXA Affin General Insurance Bhd from Felda Marketing Services Sdn Bhd (Felma) for RM99.09 million.
At 10.42 am, its share price stood at RM2.64 with 31,500 shares changing hands. It has a market capitalisation of RM5.17 billion.
Affin said it 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%.