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 .

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