Affin Holdings to transfer listing status to Affin Bank

Affin Bank. AZMAN GHANI / The Star REPORTER: JOSEPH CHIN

KUALA LUMPUR: Affin Holdings Bhd (AHB) is reorganising its group of companies that will lead to its listing status being transferred to Affin Bank Bhd, which will become the bank holding company.

The Armed Forces Fund Board’s (LTAT) financial services arm told Bursa Malaysia that the corporate exercises would include an exchange of AHB shares with the shares of its wholly-owned subsidiary, Affin Bank, on a 1-to-1 basis.

AHB said there would be no change to the shareholding structure, whereby an existing shareholder of AHB would be ‘migrated’ to Affin Bank under the reorganisation.

“As AHB is the holding company for its major operating entities such as banking, insurance and money broking, the proposed reorganisation will allow the simplifying of the shareholding structure and de-layering of the current corporate structure of the Affin group,” it said.

AHB said the proposed reorganisation was undertaken to position Affin Bank to spearhead the banking group’s future growth.

AHB group chief executive officer Kamarul Ariffin said in view of the changing dynamics of the economy and industry, it is critical to put in place the right strategies centred on efficiency, adaptability and productivity to thrive and differentiate the group.

“The proposed reorganisation will enhance the Affin group’s synergy and allow us to move forward for the next phase of our growth,” he added.

AHB is 35.4% owned by LTAT and 20.7% by LTAT’s 60%-owned subsidiary Boustead Holdings Bhd.