Monday, February 28, 2011

AFG ... Feb11

Langkah Bahagia Sdn Bhd, an investment vehicle linked to Tun Daim, is looking at selling its stake in Alliance Financial Group Bhd (AFG).

Sources say the investor, which effectively owns about 14.8% stake in AFG via Vertical Theme Sdn Bhd, is looking to exit the banking group. Vertical Theme holds 29% in AFG.

Langkah Bahagia is said to be offering to dispose of the stake to parties related to Temasek Holdings Ltd, which indirectly holds 49% in Vertical Theme.

It makes sense for Temasek to acquire the stake from Langkah Bahagia, as that would give the former a more meaningful presence in AFG.

Nevertheless, there us a major hurdle for Temasek. Under the BAFIA, institutions have to obtain special approval from BNM to own more than a 20% stake in a domestic financial institution. In view of the banking regulation, Temasek may adopt a wait and see attitude before deciding on the possibility of increasing its stake in AFG.

LangKah Bahagia or Temasek is not likely to seek BNM approval in relation to the matter in the near term.

Observers say having a larger stake in AFG is in line with Temasek’s portfolio strategy to up its game in the regional banking industry. There is also talk that Temasek is looking at consolidating its banking assets in the region under one umbrella.

UMW: It is a cash rich company. As at Dec 31, 2010, the group’s cash balance stood at RM2.17 billion, compared with total debts of rm2.67 billion, including long term borrowings of rm2.02 billion.

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