KUALA LUMPUR, Oct 26 — Shares of Affin Bank Bhd finished lower today on news of the Singapore authorities’ probe into its RM410 million loans to Singapore-listed Raffles Education Corp Ltd.
At the close, the counter eased two sen to RM1.72 per share with 393,200 shares done. The financial services group has not issued any statement with regards to the report as of the market close.
According to a news report, Raffles Education Corp Ltd has received an order jointly issued by the Monetary Authority of Singapore and the Commercial Affairs Department requiring the company to provide certain documents relating to loan facilities extended by Affin Bank to its subsidiaries Raffles K12 Sdn Bhd and Raffles Iskandar Sdn Bhd.
The probe was in connection with an investigation into a potential offence under Chapter 289 of Singapore’s Securities and Futures Act (SFA).
SFA is an act relating to the regulation of activities and institutions in the securities and derivatives industry, including leveraged foreign exchange trading, of financial benchmarks and of clearing facilities. — Bernama
