Affin Hwang sells stake in asset management unit

KUALA LUMPUR: Affin Hwang Investment Bank Bhd (Affin Hwang IB) and select key senior management in the company have entered into a conditional deal to divest 7.59 million shares, or 68.35% stake, in Affin Hwang Asset Management Bhd (Affin Hwang AM) to CVC Capital Partners.

In a filing with Bursa Malaysia, Affin Hwang IB, on behalf of parent company Affin Bank Bhd, said it had entered into a conditional share sale and purchase agreement with Starlight Asset Sdn Bhd, a company controlled by CVC Capital Partners, for the proposed divestment for a provisional cash consideration of RM1.54bil.