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BOUSTEAD HOLDINGS BERHAD (“BHB”)
PROPOSED DISPOSAL OF 85,814,232 ORDINARY SHARES OF RM1.00 EACH IN BH INSURANCE (M) BERHAD REPRESENTING 80% EQUITY INTEREST TO AXA AFFIN GENERAL INSURANCE BERHAD FOR A TOTAL CASH CONSIDERATION OF RM362,580,164 COMPRISING THE PRINCIPAL AMOUNT OF RM359,000,000 AND INTEREST ACCRUED ON THE PRINCIPAL AMOUNT AMOUNTING TO RM3,580,164 (“PROPOSED DISPOSAL”) |
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We refer to the earlier announcements dated 8 June 2007, 3 September 2007, 5 December 2007, 3 March 2009, 9 December 2009 and 30 December 2009.
AFFIN Investment Bank Berhad, on behalf of the Board of Directors of BHB, wishes to announce that Bank Negara Malaysia (“BNM”) had, vide its letter dated 18 February 2010 (which was received on 19 February 2010), approved the Proposed Disposal pursuant to Section 67 of the Insurance Act 1996. BNM had also granted an exemption under Section 69 of the Insurance Act 1996 for BHB to hold more than one general insurance licence for 12 months.
An announcement on further details of the Proposed Disposal will be made in due course.
This announcement is dated 22 February 2010. |
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