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Affin Holdings, AXA Affin seek time extension to negotiate proposed deal

AFFIN HoldingsBhd. and AXA AffinGeneral Insurance Bhd. requested a time extension from Bank NegaraMalaysia to negotiate a proposed deal with Felda Marketing Services Sdn. Bhd.

The parties have requested to extend the time to Dec. 31from Sept. 24 to finalize negotiations, the company said Sept. 23.

Meanwhile, Felda Global Ventures Holdings Bhd. agreedto sell its 16% stake in AXA Affin General Insurance to Affin Holdings for 70million ringgit. The negotiations are still ongoing, The Star reported the same day.

As of Sept. 23, US$1was equivalent to 4.11 Malaysian ringgit.