AFFIN Holdings Bhd. unit AFFIN Bank Bhd. plans to buy an additional stake in AXA Affin General Insurance Bhd. from Felda Marketing Services Sdn. Bhd. for 81.44 million Malaysian ringgit.
The company said Nov. 27 that it is seeking Bank Negara Malaysia's approval for its unit to acquire 6,913,788 shares, or a 5.81% stake, in AXA Affin General Insurance.
Earlier in September, AFFIN received regulatory approval to buy an additional 8,411,959 shares, or a 7.07% stake, in AXA Affin General Insurance. The total shares to be acquired by AFFIN Bank now stands at 15,325,747 shares.
The company is also seeking approval to enter into a share purchase agreement with Felda Marketing Services for all the 15,325,747 shares to be acquired by AFFIN Bank.
Further details will be disclosed upon receipt of the regulatory approval.
AXA Affin General Insurance is a joint venture between AFFIN and AXA.
As of Nov. 27, US$1 was equivalent to 4.11 Malaysian ringgit.
