Affin's plan to sell investment bank stake to Daiwa is off
05 Jan 2017 / 05:36 H.
PETALING JAYA: Affin Holdings Bhd’s plan to sell its minority stake in Affin Hwang Investment Bank Bhd to Japan’s Daiwa Securities Group Inc is off.
In a filing with the stock exchange, Affin Holdings said the deal did not take off due to the failure to finalise the transaction documents in accordance with the terms and conditions.
“Accordingly, the approval granted by Bank Negara has lapsed,” it noted.
Bank Negara had given the green light for Daiwa to acquire a stake in Affin Hwang Investment Bank in October 2016.