Affin Holdings Bhd made the highest offer for Hwang DBS (M) Bhd, in a non-binding bid that closed mid last week, industry sources say.

The lowest bid, meanwhile, is understood to have come from Alliance Financial Group Bhd, while K&N Kenanga Holdings Bhd and AMMB Holdings Bhd are neck-and-neck behind Affin.

While certain foreign parties had expressed interest, none are understood to have submitted bids, the source added.

“I’m not surprised they (Affin) put in the highest bid, they have to do something now after previous M&A (mergers and acquisition) attempts were thwarted by Bank Negara... in our case, we have to make the acquisition work for us, (so) we can’t fork out so much,” one of the bidders said to KiniBiz .

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