Affin Hwang to buy 100pc of Asian Islamic Investment Management

KUALA LUMPUR, Sept 19 — Affin Holdings Bhd today announced that its unit, Affin Hwang Asset Management Bhd (Affin Hwang AM) is acquiring a 51 per cent interest in Asian Islamic Investment Management Sdn Bhd (AIIM) from Nikko Asset Management Asia Ltd for RM11.73 million in cash.

Affin Hwang AM has also entered into shares sale and purchase agreement to acquire a 49 per cent interest in AIIM from Affin Hwang Investment Bank Bhd (Affin Hwang IB) for RM11.27 million cash.

Affin Hwang AM is a 70 per cent subsidiary of Affin Hwang IB, which in turn is a wholly-owned subsidiary of Affin Holdings, while AIIM is a 49 per cent associate company of Affin Hwang IB.

“The deal will make AIIM a wholly-owned unit of Affin Hwang AM in line with the objective of creating an integrated fund management company,” Affin Holdings said in a filing to Bursa Malaysia here today.

The deal was expected to be completed by the end of this month, it said. — Bernama

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