KUALA LUMPUR (Sep 18): Affin Holdings Bhd said it has secured the approval of Bank Negara Malaysia to acquire a 7.07% stake in AXA Affin General Insurance Bhd from Felda Marketing Services Sdn Bhd.

According to Affin Holdings's Bursa Malaysia filing, the proposed acquisition will raise Affin Holdings' stake in AXA Affin, held via its commercial unit Affin Bank Bhd, from 37.07% to 44.14%.

The financial services provider announced on Aug 4 that it would seek the central bank's approval for the proposed acquisition of 8.4 million shares in Axa Affin from Felda Marketing Services for RM99.09 million, cash.

As of closing, Affin Holdings shares were unchanged at RM2.65, after some 114,900 shares were traded, giving it a market capitalization of RM5.15 billion.