Affin Bank shareholders give the nod to AHAM divestment

Affin president and group chief executive officer Datuk Wan Razly Abdullah Wan Ali

KUALA LUMPUR: Affin Bank Bhd shareholders have given the nod to the proposed divestment of seven million shares, or 63 per cent equity interest, in Affin Hwang Asset Management Bhd (AHAM) by Affin Hwang Investment Bank Bhd to Starlight Asset Sdn Bhd for RM1.417 billion.

President and group chief executive officer Datuk Wan Razly Abdullah said the divestment exercise, which is expected to be completed in the third quarter of this year, would result in a gain of RM1.063 billion and the bulk of it would be reinvested in the bank’s core banking business.