AFFIN Holdings Berhad (AFFIN Holdings) is pleased to announce that at an Extraordinary General Meeting held today, shareholders have approved AFFIN Group’s corporate exercise which will culminate in the transfer of listing status from AFFIN Holdings to AFFIN Bank Berhad (AFFINBANK).
The corporate exercise will entail a proposed distribution by AFFIN Holdings of its entire shareholdings in AFFINBANK by way of distribution-in-specie where the entitled shareholders of AFFIN Holdings will receive one (1) AFFINBANK share for each AFFIN Holdings share held by them on an entitlement date to be determined and announced later.
The corporate exercise will also involve the transfer of AFFIN Holdings’ listing status on Bursa Malaysia to AFFINBANK. The relevant approvals of the Minister of Finance, Bank Negara Malaysia and Securities Commission Malaysia had been obtained earlier for the corporate exercise. AFFIN Holdings and AFFINBANK had on 2 October 2017 submitted a joint application to Bursa Malaysia to seek approval for the proposed transfer of the listing status.
Barring unforeseen circumstances, the above corporate exercise will be completed in the first half of 2018.
Today, AFFIN Holdings has also successfully transferred its entire shareholding in AFFIN Hwang Investment Bank Bhd, AFFIN Moneybrokers Sdn Bhd, AXA AFFIN Life Insurance Bhd and AXA AFFIN General Insurance Bhd to AFFINBANK (collectively referred to as “Re-organisation”). AFFINBANK is now the intermediate holding company for the above companies pending the completion of the above corporate exercise. Consequently, AFFINBANK is now positioned to spearhead the AFFIN Group’s future growth.
Kamarul Ariffin bin Mohd Jamil, the Group Chief Executive Officer of AFFIN Holdings, said, “The Re-organisation will simplify the shareholding structure of AFFIN Group as well as reduce the layers of the corporate structure. It is imperative that we improve our efficiencies, adaptability as well as productivity in order for us to thrive in the highly competitive and dynamic banking sector.”
“This corporate exercise will enhance Group-wide synergy and allow us to move forward in achieving our next phase of growth. Moreover, our capital position will be further strengthened while the returns will be enhanced by the corporate exercise. We are optimistic that we will be able to unlock more value for our shareholders and provide better returns in the future.”
