Affin gets green light to start talks on insurance stake buy

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KUALA LUMPUR: Affin Holdings Bhd has obtained approval in principle from Bank Negara Malaysia to commence preliminary negotiations with Felda Holdings Bhd for the proposed acquisition of Felda’s 20% stake in BH Insurance (M) Bhd.In an announcement to Bursa Malaysia on March 3, Affin said the central bank had stated that “it has no objection in principle” for Affin and AXA Asia Pacific General Insurance to begin the negotiations with Felda.Felda owns 20% of BH Insurance via Felda Marketing Services (M) Sdn Bhd, according to BH Insurance’s website. The remaining 80% in the company is controlled by Boustead Holdings Bhd.AXA Asia Pacific is part of the AXA group, which is the joint-venture partner of Affin in general and life insurance business here.