Affin Bank Berhad ( MYX : 5185 ) is a Malaysian banking and financial services company headquartered at the Tun Razak Exchange , Kuala Lumpur . Established in 1975, the bank was owned by Affin Group Berhad, with Affin being an abbreviation of its former name, Armed Forces Finance and previously known as Perwira Habib Bank (M) Berhad and Perwira Affin Bank Berhad before adopted its present name on 30 August 2000.
31-569: Affin Bank provides financial products and services to both retail and corporate customers. The target business segments are categorized under key business units such as Community Banking, Enterprise Banking, Corporate Banking and Treasury. As of 16 July 2024, the bank has a network of 126 branches in Malaysia. Affin Islamic Bank Berhad, its wholly-owned subsidiary commenced operations on 1 April 2006 as
62-402: A certain size must be listed on an exchange. In most cases, public companies are private enterprises in the private sector, and "public" emphasizes their reporting and trading on the public markets. Public companies are formed within the legal systems of particular states and so have associations and formal designations, which are distinct and separate in the polity in which they reside. In
93-440: A company they perceive as possibly lacking liquidity. For example, if all shareholders were to simultaneously try to sell their shares in the open market, this would immediately create downward pressure on the price for which the share is traded unless there were an equal number of buyers willing to purchase the security at the price the sellers demand. So, sellers would have to either reduce their price or choose not to sell. Thus,
124-464: A full-fledged Islamic bank, and offers Islamic Banking products and services for individuals and corporate which are in compliance with Shariah principles and laws. Affin Bank was established on 23 October 1975 as Perwira Habib Bank. The bank is a joint venture between Armed Forces Fund Board (LTAT), Syarikat Permodalan Kebangsaan Berhad (SPK) and Pakistani banking company, Habib Bank and began operations on 1 January 1976. The bank's launching ceremony
155-401: A long period of time after maturity into a profitable company. However, from 1997 to 2012, the number of corporations publicly traded on US stock exchanges dropped 45%. According to one observer ( Gerald F. Davis ), "public corporations have become less concentrated, less integrated, less interconnected at the top, shorter lived, less remunerative for average investors, and less prevalent since
186-553: A separate entity, its former shareholders receiving compensation in the form of either cash, shares in the purchasing company or a combination of both. When the compensation is primarily shares then the deal is often considered a merger . Subsidiaries and joint ventures can also be created de novo . That often happens in the financial sector. Subsidiaries and joint ventures of publicly traded companies are not generally considered to be privately held companies (even though they themselves are not publicly traded) and are generally subject to
217-558: Is discharged from service, or reaches the age of 50. A compulsory pensionable contributor receives his/her retirement benefit on his/her death (next-of-kin), retirement or reaching the age of 50 in the form of a lump sum payment of his/her contribution, while the government-contributed portion is transferred to Retirement Fund (Incorporated) (the civil service pension fund) which then administers monthly pension payments. Voluntary members may withdraw their contributions at any time. The fund had RM10 billion in assets under management at
248-408: Is privately held can buy out the shareholders of a public company, taking the company off the public markets. That is typically done through a leveraged buyout and occurs when the buyers believe the securities have been undervalued by investors. In some cases, public companies that are in severe financial distress may also approach a private company or companies to take over ownership and management of
279-404: Is when a company has little or no trading activity and the market price is simply the price at which the most recent trade took place, which could be days or weeks ago. This occurs when there are no buyers willing to purchase the securities at the price being offered by the sellers and there are no sellers willing to sell at the price the buyers are willing to pay. While this is rare when the company
310-644: The Sarawak Government through its wholly-owned SG Assetfin Holdings become a major shareholder in Affin Bank, holding a 31.25% stake. The Employees Provident Fund (EPF) previously a major shareholder of the bank, held a 121.91 million shares, but divested its shares in April 2024. Affin Bank introduces its iconographic logo upon its establishment in 1975. The bank incorporated a Hibiscus × rosa-sinensis , also known as
341-522: The United States , for example, a public company is usually a type of corporation though a corporation need not be a public company. In the United Kingdom , it is usually a public limited company (plc). In France , it is a société anonyme (SA). In Germany , it is an Aktiengesellschaft (AG). While the general idea of a public company may be similar, differences are meaningful and are at
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#1733317576655372-404: The bunga raya , a national flower of Malaysia as its corporate logo, which underwent rebranding 4 times with the exception of its fifth logo, which only consists of the bank's wordmark which formerly stylized in italic as AFFIN BANK (first used in 2000) rather than a hibiscus logo. The bank's sixth and current logo, a modernized version of the hibiscus, was introduced on 1 November 2020 and marks
403-557: The United States, companies with over 500 shareholders in some instances are required to report under the Securities Exchange Act of 1934 ; companies that report under the 1934 Act are generally deemed public companies. A public company possess some advantages over privately held businesses. Many stock exchanges require that publicly traded companies have their accounts regularly audited by outside auditors and then publish
434-470: The accounts to their shareholders. Besides the cost, that may make useful information available to competitors. Various other annual and quarterly reports are also required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements. The requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and
465-603: The bank boosts its issued and paid-up capital by RM300 million to RM405 million. The bank announced in February 1991 that it would underwent a capital restructuring scheme which involves the injection of new capital by existing shareholders and a capital reduction exercise to write off large accumulated losses. On 21 April 1994, following its acquisition by Affin Holdings Berhad, Perwira Habib Bank changed its name to Perwira Affin Bank after Habib Bank divested its equity interest in
496-448: The bank. On 30 August 2000, the bank dropped the word 'Perwira' from its corporate name, changing it to simply as Affin Bank following its merger with BSN Commercial (M) Berhad. The shareholders of Affin Bank consists of Armed Forces Fund Board (LTAT) which holds 28.79% stake. Its wholly-owned subsidiary, Boustead Holdings holds 20.02%, this was followed by Bank of East Asia which holds the remaining 23.93% share. Since September 2024,
527-432: The company. One way of doing so would be to make a rights issue designed to enable the new investor to acquire a supermajority . With a supermajority, the company could then be relisted, or privatized. Alternatively, a publicly traded company may be purchased by one or more other publicly traded companies, with the target company becoming either a subsidiary or joint venture of the purchaser(s), or ceasing to exist as
558-422: The core of international law disputes with regard to industry and trade. Usually, the securities of a publicly traded company are owned by many investors while the shares of a privately held company are owned by relatively few shareholders. A company with many shareholders is not necessarily a publicly traded company. Conversely, a publicly traded company typically (but not necessarily) has many shareholders. In
589-445: The end of 2017. Publicly listed company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( listed company ), which facilitates the trade of shares, or not ( unlisted public company ). In some jurisdictions, public companies over
620-444: The firm's stock. For many years, newly-created companies were privately held but held initial public offering to become publicly traded company or to be acquired by another company if they became larger and more profitable or had promising prospects. More infrequently, some companies such as the investment banking firm Goldman Sachs and the logistics services provider United Parcel Service (UPS) chose to remain privately held for
651-484: The fund is voluntary, with no contribution towards their accounts by the Government of Malaysia. Armed forces members of other ranks (compulsory contributors) are required to contribute a portion of their monthly salary to LTAT, with the government contributing as employer. A compulsory non-pensionable contributor receives his/her retirement benefit in the form of a lump sum payment when he dies (next-of-kin), retires or
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#1733317576655682-425: The number of trades in a given period of time, commonly referred to as the "volume" is important when determining how well a company's market capitalization reflects true fair market value of the company as a whole. The higher the volume, the more the fair market value of the company is likely to be reflected by its market capitalization. Another example of the impact of volume on the accuracy of market capitalization
713-780: The original founders or owners may lose benefits and control. The principal–agent problem , or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is especially prevalent in such countries as the United Kingdom and the United States. In the United States, the Securities and Exchange Commission requires firms whose stock is traded publicly to report their major shareholders each year. The reports identify all institutional shareholders (primarily firms that own stock in other companies), all company officials who own shares in their firm, and all individuals or institutions owning more than 5% of
744-497: The price per share. For example, a company with two million shares outstanding and a price per share of US$ 40 has a market capitalization of US$ 80 million. However, a company's market capitalization should not be confused with the fair market value of the company as a whole since the price per share are influenced by other factors such as the volume of shares traded. Low trading volume can cause artificially low prices for securities, due to investors being apprehensive of investing in
775-596: The return of its iconic hibiscus logo which was absent for 15 years. The five petals is stands for Affin, which "acronymised to describe the core values of the bank as an organisation that is always innovating, adapting, placing customer first and emphasising integrity as its foundation", while its logo evolution represents its transformation "to emerge as a progressive bank of the future by embracing technology and adapting amid an ever-changing business environment". The bank also uses slogans for its identity. From 2005 to 2020, "Banking Without Barriers" ( Perbankan Tanpa Sempadan )
806-446: The same reporting requirements as publicly traded companies. Finally, shares in subsidiaries and joint ventures can be (re)-offered to the public at any time. Firms that are sold in this manner are called spin-outs . Most industrialized jurisdictions have enacted laws and regulations that detail the steps that prospective owners (public or private) must undertake if they wish to take over a publicly traded corporation. That often entails
837-428: The turn of the 21st century". Davis argues that technological changes such as the decline in price and increasing power, quality and flexibility of computer numerical control machines and newer digitally enabled tools such as 3D printing will lead to smaller and more local organization of production. In corporate privatization, more often called " going private ," a group of private investors or another company that
868-409: The would-be buyer(s) making a formal offer for each share of the company to shareholders. The shares of a publicly traded company are often traded on a stock exchange . The value or "size" of a company is called its market capitalization , a term which is often shortened to "market cap". This is calculated as the number of shares outstanding (as opposed to authorized but not necessarily issued) times
899-648: Was established in August 1972 by the Armed Forces Fund Act (also known as the Tabung Angkatan Tentera Act). The fund is considered the smallest among Malaysian government-linked investment companies, and owns controlling stakes in several public listed companies in Malaysia, including Boustead Holdings and Affin Holdings . It is overseen by the Ministry of Defence . For officers , participation in
930-548: Was its former slogan. Following its corporate rebranding in November 2020, Affin Bank introduces its new slogan, "Always About You" ( Sentiasa Untuk Anda ). Armed Forces Fund Board The Armed Forces Fund Board (also commonly known by its Malay name Lembaga Tabung Angkatan Tentera and LTAT in short) is a statutory body which manages the pension fund for certain members of the Malaysian Armed Forces . LTAT
961-527: Was officiated by the then-third Prime Minister, Hussein Onn on 23 October at the Hilton Hotel, Kuala Lumpur. By September 1978, Perwira Habib Bank opens eight branches in several states including Malacca, Pahang and Terengganu. As of August 1979, the bank has 14 branches in Malaysia. The bank's loans and advances including trade bills increased to RM731 million in 1983 despite the global economic recession. In 1987,