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Affin's shares up on news of potential sale of general insurance business
Last update: 06/09/2019

KUALA LUMPUR, Sept 6 -- Shares of Affin Bank Bhd on Bursa Malaysia rose in early trading session today after the bank and French insurer AXA SA are reportedly mulling options including a potential sale of their life and general insurance business in Malaysia for about US$650 million.

As at 11.19 am, the counter rose four sen to RM2.05 with 192,800 shares changing hands.

According to a news report Wednesday, the financial firms are seeking around US$500 million on AXA Affin General Insurance Bhd, while they are looking to raise as much as US$150 million mln from AXA Affin Life Insurance Bhd in a transaction.

“Affin and AXA could be joining owners of AmGeneral Insurance Bhd, as well as other foreign players including Prudential Plc and Zurich Insurance Group AG, in seeking to pare stakes in their Malaysian units, following the government’s decision to enforce ownership cap more strictly,” it said.

-- BERNAMA

 


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MIDDAY, TUESDAY, SEP 17
US 4.1780/1810
S'pore 3.0346/0379
100 Yen3.8621/8659
Sterling5.1853/1895
Euro 4.6000/6037
Source: Bank Negara Malaysia

Reduction in the overnight policy rate (OPR) by Bank Negara Malaysia would be good for consumer spending and investment;
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