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Published: Monday March 11, 2013 MYT 6:38:00 PM

AFG selling 30% stake of Takaful associate to AIA for RM45m


KUALA LUMPUR: Alliance Financial Group Bhd (AFG) is selling its 30% stake in AFG Takaful Bhd to American International Assurance Bhd for RM45mil.

AFG said on Monday its unit Alliance Bank Malaysia Bhd had signed a conditional share sale agreement with AIA to sell the stake, comprising of 30 million shares of RM1 each for a cash consideration of RM45mil.

AIA AFG Takaful's core business is to carry out family takaful business. It was incorporated on Dec 6, 2010 with a paid-up of RM100mil,

AFG said the disposal was not expected to have any material effect on AFG's net assets per share, earnings per share and gearing of AFG for FY ending March 31, 2013.

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