ABMB takes over listing status of Alliance Financial Group

PETALING JAYA: Alliance Bank Malaysia Bhd (ABMB) has assumed the listing status of Alliance Financial Group Bhd (AFG) from Sept 26, following the completion of a corporate reorganisation exercise.

The exercise involves the delayering of shareholdings in AFG that allows for a more simplified financial reporting process.

This will help improve costs and corporate efficiency, the company said in a statement.

“The listing of ABMB shares allows existing shareholders of AFG to participate directly in the equity and envisaged growth of the bank,” it said.

The exercise was performed via the cancellation of all ordinary shares in AFG and pursuant to that a distribution-in-specie of the entire shareholding of AFG in ABMB to the shareholders of AFG, on the basis of one ABMB share for every one AFG share held and cancelled.

“This resulted in AFG’s shareholders hold- ing an equal number of ABMB shares in lieu of the cancelled AFG shares,” the bank added.

It also noted that the completion of the corporate exercise would see AFG’s chairman and director Datuk Oh Chong Peng retiring on Sept 26.

Oh has been with the bank for the past 11 years, the bank said.

This reorganisation at AFG follows shortly after RHB Bank assumed the listing status of RHB Capital last year.