Bank of East Asia ups stake in Malaysia's Affin

The Hong Kong bank says it will spend about $238 million to increase its share in Malaysia's Affin Holdings to 25%.

Hong KongÆs Bank of East Asia Ltd BEA says it will spend an estimated HK$1.86 billion $238 million to increase its stake in Malaysia's Affin Holdings to 25% from around 4%.

After six months of negotiations, the two banks have reached a preliminary agreement for BEA to buy existing and new shares in Affin. BEA will pay the higher of 1.3 times of Affin's net tangible assets per share or the par value of each share. BEA currently owns...

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