KUALA LUMPUR: Affin Holdings Bhd said it has secured the approval of Bank Negara Malaysia (BNM) to acquire a 7.07% stake in AXA Affin General Insurance Bhd from Felda Marketing Services Sdn Bhd. According to Affin Holdings’ Bursa Malaysia filing, the proposed acquisition will raise its stake in AXA Affin, held via its commercial unit Affin Bank Bhd, from 37.07% to 44.14%. The financial services group announced on Aug 4 that it would seek the central bank’s approval for the proposed acquisition of 8.4 million shares in AXA Affin from Felda Marketing Services, representing the said stake, for RM99.09 million. Felda Marketing Services is an indirect subsidiary of Felda Global Ventures Holdings Bhd. The stake it is buying now is less than half the 16% additional stake Affin Holdings chief executive officer Kamarul Ariffin said the group was eyeing to buy in AXA Affin last year.

Source: The Edge Markets September 19, 2017 01:07 UTC