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AFFIN gets approval to boost stake in insurance JV

AFFIN Holdings Bhd. unit AFFIN Bank Bhd. obtained approval from the Malaysian central bank to acquire an additional 5.81% stake in AXA Affin General Insurance Bhd.

Under the deal, AFFIN Bank will acquire 6,913,788 ordinary shares in AXA Affin General Insurance from Felda Marketing Services Sdn. Bhd. for 81.44 million Malaysian ringgit, according to a Dec. 20 release. The statement came after the central bank in September approved the bank's purchase of a 7.07% stake in AXA Affin General Insurance.

The acquisition will raise the company's shareholding in AXA Affin General Insurance to 49.95%.

AXA Affin General Insurance is a joint venture between AFFIN and AXA.

As of Dec. 20, US$1 was equivalent to 4.07 Malaysian ringgit.