KUALA LUMPUR, Oct 26 -- Shares of Affin Bank Bhd fell at midday today on news of the Singapore authorities’ probe into its RM410 million loans to Singapore-listed Raffles Education Corp Ltd.
As at 12.04 pm, Affin Bank eased two sen to RM1.72 with 189,300 shares done.
According to news reports, Raffles Education Corp Ltd has received an order jointly issued by the Monetary Authority of Singapore and the Commercial Affairs Department requiring the company to provide certain documents relating to loan facilities extended by Affin Bank to its subsidiaries Raffles K12 Sdn Bhd and Raffles Iskandar Sdn Bhd.
The probe was in connection with an investigation into a potential offence under Chapter 289 of Singapore’s Securities and Futures Act (SFA).
SFA is an act relating to the regulation of activities and institutions in the securities and derivatives industry, including leveraged foreign exchange trading, of financial benchmarks and of clearing facilities.
No statement has been made by Affin Bank yet on the matter.
-- BERNAMA
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