Affin Bank. AZMAN GHANI / The Star REPORTER: JOSEPH CHIN
KUALA LUMPUR: Affin Holdings Bhd
(AHB) has secured three more months from Bank Negara to finalise negotiations to buy Felda Global Ventures Holdings Bhd’s (FGV) 16% stake in AXA Affin General Insurance Bhd (AAGI).
In a filing with Bursa Malaysia, the Armed Forces Fund Board’s (LTAT) financial services arm said the regulator had given it and AXA Asia a three-month extension from Oct 28 to reach an agreement with FGV group member Felda Marketing Services Sdn Bhd.
On March 25, AHB, which already held 34.51% equity interest in AGI, had received the central bank’s go-ahead to start negotiatios with Felda Marketing Services, AXA Asia and subsequently the minority shareholders to acquire the additional AAGI shares. (It was reported that the AXA group holds a 43.63% stake in AAGI.)
AHB currently has a controlling 51% stake in its life insurance operation, AXA Affin Life Insurance Bhd.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
