Authorities okay Affin's proposed reorganisation

Affin said in a stock exchange filing that both parties were not able to finalise the transaction documents for the sale of the stake in time and in accordance with the central bank

KUALA LUMPUR: Affin Holdings Bhd has received approval from the finance ministry and Bank Negara for the reorganisation of the Affin group of companies.

The approvals for the proposed reorganisation, distribution and subscription were pursuant to the Financial Services Act 2013 and the Islamic Financial Services Act 2013.  

"The approvals are, however, subject to Affin obtaining the necessary approvals from the regulatory authorities, including the Securities Commission Malaysia (SC)," it said in a filing with Bursa Malaysia Friday.

Affin said the SC had also approved the proposal for a change in the ultimate shareholder of its subsidiaries, namely, Affin Hwang Investment Bank Bhd,  Affin Hwang Asset Management Bhd and AIIMAN Asset Management Sdn Bhd.

The group said the corporate exercise would result in the company becoming the bank's holding company.

"The corporate exercise will also entail an exchange of Affin shares with the shares of our wholly-owned unit, Affin Bank Bhd, on a one-to-one basis," it added. - Bernama