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Affin to unlock valuevia AHAM listing

TheStar Sat, Jun 29, 2019 08:40am - 1 month ago


Affin Bank Bhd is looking to list its 70%-owned subsidiary, Affin Hwang Asset Management (AHAM), as a way to unlock value in one of its most profitable subsidiaries.

Affin Bank is 35.51% owned by the Armed Forces Fund Board (LTAT) and 20.73% held by Boustead Holdings Bhd . LTAT also directly holds 59.46% in Boustead Holdings.

Talk of listing AHAM has been ongoing for a while now. It does not come as a surprise, as back in April, LTAT’s new chief executive officer Nik Amlizan Mohamed had said the board would need to reform and generate new returns to sustain itself, moving forward.

LTAT owns controlling stakes in Boustead Holdings, Affin Bank, Boustead Plantations Bhd , Boustead Heavy Industries Corp Bhd and Pharmaniaga Bhd .

In the past, these concentrated investments had provided good income for LTAT via dividend payments.

However, the share prices of these investee companies have been in the doldrums and trading at depressed levels for some time now.

   








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