Malaysia's Affin cleared to start talks on Bank Muamalat stake
KUALA LUMPUR Aug 16 (Reuters) - Malaysia's second-smallest bank Affin Holdings Bhd has obtained central bank approval to start negotiations on buying a stake in DRB-Hicom Bhd's 70 percent-owned Bank Muamalat Malaysia Bhd , according to stock exchange filings on Thursday.
The potential deal follows the completion of DRB-Hicom's purchase of a 70 percent stake in Bank Muamalat on Oct. 22, 2008, after which it was required by the central bank to trim its stake to 40 percent.
Affin said the negotiations are to be completed on or before the end of this year.
The announcement also comes a day after DRB-Hicom said it received expression of interest from certain parties to buy a stake in its insurance businesses. (Reporting by Yantoultra Ngui; Editing by David Holmes)
- 'Weird Al' Yankovic still trying to wrap head around No. 1 album
- World's oldest joke traced back to 1900 BC
- French warplanes search Mali desert for crashed Air Algerie plane |
- Crunch time for Gaza truce talks as death toll passes 800 |
- Wreckage of Air Algerie plane carrying 116 people found in Mali |