Affin gets Bank Negara nod to start talks with Daiwa Securities

KUALA LUMPUR: Bank Negara has given the nod to Affin Holdings Bhd to begin negotiations with Daiwa Securities Group Inc for the latter to acquire a stake in Affin Hwang Investment Bank Bhd.

In a filing to Bursa Malaysia on Wednesday, Affin Holdings said the Bank Negara approval, vide its letter dated April 29, was subject to both parties concluding the  negotiations within six months from the date of the said letter.

It was reported that Daiwa Securities was keen to acquire a minority stake in Affin Hwang Investment Bank Bhd.

“However, the said approval should not be construed as the approval for the proposal.

“Upon concluding negotiations, Affin Holdings and Daiwa would be required to obtain the prior approval of Bank Negara pursuant to the Financial Services Act 2013 before entering into any agreement,” Affin Holdings said. - Bernama