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Malaysia's Affin extends talks on Bank Muamalat stake
January 16, 2013 / 12:10 PM / 5 years ago

Malaysia's Affin extends talks on Bank Muamalat stake

KUALA LUMPUR, Jan 16 (Reuters) - Affin Holdings Bhd , Malaysia’s second-smallest bank, has obtained central bank approval to extend negotiations on buying a stake in DRB-Hicom Bhd’s 70 percent-owned Bank Muamalat Malaysia Bhd until March 31, according to stock exchange filings on Wednesday.

This gives another three months from the previous deadline for completion after Affin was cleared by the authority to start the talks on Aug. 16, 2012.

The potential deal follows the completion of DRB-Hicom’s purchase of its 70 percent stake in Bank Muamalat on Oct. 22, 2008, after which it was required by the central bank to cut its holding to 40 percent. (Reporting By Yantoultra Ngui; Editing by Greg Mahlich)

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