KUALA LUMPUR: AFFIN HOLDINGS BHD [] shares slipped in early trade on Friday, Aug 5 after the group said it had decided not to go ahead with its proposed acquisition of an Indonesian bank on mounting concerns about Indonesia's central bank limiting majority shareholdings in commercial banks.
At 9.20am, Affin lost 11 sen to RM3.28 with 186,400 shares traded.
Affin called off the proposed acquisition of Indonesia's PT Bank Ina Perdana, one year after the share purchase agreement (SPA) and subscription agreement (SA) had lapsed. It said the conditions precedent to these agreements had not been fulfilled as of Aug 4, 2011.
Most importantly, Affin expressed concern about Bank Indonesia's currently study of the policy to limit majority shareholdings in commercial banks in Indonesia.
At 9.20am, Affin lost 11 sen to RM3.28 with 186,400 shares traded.
Affin called off the proposed acquisition of Indonesia's PT Bank Ina Perdana, one year after the share purchase agreement (SPA) and subscription agreement (SA) had lapsed. It said the conditions precedent to these agreements had not been fulfilled as of Aug 4, 2011.
Most importantly, Affin expressed concern about Bank Indonesia's currently study of the policy to limit majority shareholdings in commercial banks in Indonesia.
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