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AFFIN looks to buy additional stake in AXA Affin General Insurance

AFFIN Holdings Bhd. plans to buy an additional stake in AXA Affin General Insurance Bhd. from Felda Marketing Services Sdn. Bhd. for 99.09 million Malaysian ringgit.

The company said Aug. 4 that it is seeking Bank Negara Malaysia's approval to acquire 8,411,959 shares in AXA Affin General Insurance.

Further details will be disclosed upon receipt of the regulatory approval.

AFFIN, which owns a 37.07% stake in AXA Affin General Insurance, had received regulatory approval to extend the completion of its deal with Felda Marketing Services by Aug. 5.

AXA Affin General Insurance is a joint venture between AXA and Affin, The Sun Daily reported.

As of Aug. 4, US$1 was equivalent to 4.28 Malaysian ringgit.