Malaysia-based Affin Hwang Asset Management (Affin Hwang AM) has agreed to buy a 51% stake in Asian Islamic Investment Management (AIIM) from Nikko Asset Management Asia for MYR11.73 million in cash.
Additionally, Affin Hwang AM has also signed a shares sale and purchase agreement to buy additional 49% equity in AIIM from Affin Hwang Investment Bank (Affin Hwang IB) for MYR11.27 million in cash.
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The transaction is expected to be closed by the end of this month.
Affin Holdings said: "The deal will make AIIM a wholly-owned unit of Affin Hwang AM in line with the objective of creating an integrated fund management company."
Affin Hwang AM is a subsidiary of Affin Hwang IB, which is in turn a wholly-owned subsidiary of AFFIN. AIIM is also a 49% associate company of Affin Hwang IB.
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