KUALA LUMPUR (Sept 25): Alliance Bank Malaysia Bhd will assume the listing status of Alliance Financial Group Bhd (AFG) on the Main Market of Bursa Malaysia from tomorrow (Sept 26).

AFG will then be delisted.

In September last year, AFG had announced a corporate reorganisation which involves the shareholders of AFG exchanging their existing AFG shares for Alliance Bank shares on a one-for-one basis, where their number of shares and percentage of shareholding in AFG will be the same in Alliance Bank.

“This enables the existing shareholders of AFG to have direct participation in the equity and future growth of Alliance Bank,” the banking group said.

AFG said the exercise is expected to improve cost and corporate efficiency and enhance brand recognition for Alliance Bank.

Upon completion of the proposed AFG subscription, Alliance Bank will undertake the proposed Alliance Bank bonus issue to increase its issued share capital to be the same as AFG.

As at Aug 30, 2016, AFG had an issued share capital of RM1.548 billion, while Alliance Bank had an issued share capital of RM796.51 million.

Alliance Bank is the holding company for major operating subsidiaries, namely Alliance Investment Bank Bhd and Alliance Islamic Bank Bhd, which collectively account for not less than 99% of AFG’s total assets.