Monday 22 Jul 2024
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KUALA LUMPUR (May 30): Australia & New Zealand Banking Group Ltd (ANZ) is inviting bids to sell its remaining 5.17% stake in AMMB Holdings Bhd (KL:AMBANK) for up to RM701.16 million.

The sale would mark the exit of the Australia-based banking group from Malaysia’s sixth-largest lender by assets.

According to a term sheet sighted by The Edge on Thursday, ANZ's wholly owned subsidiary ANZ Fund Pty Ltd is putting up its remaining 171.02 million shares in AMMB for sale at an offer price of RM4.05 to RM4.10.

The offer price range represents a 2.84% to 4.03% discount to AMMB's closing price on Thursday of RM4.22.

The offer is set to close on Thursday night with the trade date fixed for Friday.

CIMB Investment Bank and BofA Securities are the joint bookrunners for the block of shares being put up via ANZ Fund.

In March, ANZ, which has long made known its intention to let go of its block of AMMB shares, offloaded a 16.5% stake in AMMB for RM2.1 billion, slashing its stake to 5.17%.  

AMMB’s largest shareholder currently is the Employees Provident Fund, holding 14.3%, followed by founder Tan Sri Azman Hashim’s 11.8% stake.

Edited ByChester Tay
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