AFFIN, Daiwa deal falls through

Japan's Daiwa Securities Group Inc or one of its wholly-owned units' plan to acquire a minority stake in Affin Hwang Investment Bank Bhd (AHIB) falls through as both parties were unable to finalise the deal within the stipulated timeframe.

In a filing to Bursa Malaysia, Affin Holdings Bhd announced that both Affin and Daiwa Securities were unable to finalise the transaction documents in accordance with the terms and conditions of Bank Negara Malaysia's (BNM) approval letter within the stipulated timeframe which expired on Dec 31, 2016.

"Accordingly, the approval granted by BNM has lapsed," it said.

On Oct 25, 2016, Affin announced that BNM had, via its letter dated Oct 24, 2016, granted its approval for the proposal minority stake acquisition.

The approval was subject to, among others, finalisation of the shareholders agreement and related documentations to effect the proposal in accordance with BNM's approval and AHIB obtaining the necessary approvals from other regulatory authorities, including the Securities Commission with regard to the proposed change in shareholder.

Affin applied for the approval to BNM on Feb 29, 2016. - Bernama