KUALA LUMPUR (Dec 23): Amova Asset Management Co Ltd has signed a conditional share purchase agreement to acquire a controlling stake in AHAM Asset Management Bhd.
The proposed acquisition involves the purchase of shares in AHAM from Starlight Asset Sdn Bhd, Lembaga Tabung Angkatan Tentera and Starlight Management Company (Jersey) Ltd. If completed, Amova will raise its stake in AHAM to nearly 98% from 20% currently.
The deal is subject to customary closing conditions.
Amova said it is seeking to acquire the full 100% in AHAM upon further negotiation.
The remaining 2% is held by Starlight Management owned by AHAM’s key management including founder and managing director Datuk Teng Chee Wai.
Amova intends to expand its offerings in Asia while pursuing both organic and inorganic growth. The Tokyo-based fund manager also plans to step up its focus on shariah-compliant investments, private assets and business-to-consumer platforms.
The deal confirms an earlier report by The Edge Malaysia in the Dec 15–21, 2025 weekly issue that the Japanese asset manager — formerly known as Nikko Asset Management Co Ltd — was seeking a control of AHAM.
AHAM is one of the largest fund managers in Malaysia with asset under management of over RM100 billion as of Nov 30, 2025. The company also has stakes in private equity firm Bintang Capital Partners Bhd and digital wealth platform Versa Asia Sdn Bhd.
While the purchase consideration was not disclosed, a source told The Edge Malaysia that the transaction values AHAM at about RM3 billion.
“AHAM will continue to operate as usual, under the continued stewardship of its existing management and leadership team,” AHAM said in a statement.
For the financial year ended Dec 31, 2024, AHAM reported a profit after tax of RM115.4 million on revenue of RM484.3 million.