KUALA LUMPUR (Sept 26): Alliance Financial Group Bhd (AFG) has completed its corporate reorganisation exercise, which concluded with Alliance Bank Malaysia Bhd assuming AFG's listing status on Bursa Malaysia's Main Market effective today.
Concurrently, AFG chairman and director Datuk Oh Chong Peng has retired from the posts, having been in the financial group for the past 11 years, the group said in a statement.
"The bank would like to thank Datuk Oh for his contribution for the past 11 years and wish him well in his future endeavours," said AFG.
The corporate reorganisation exercise involved the cancellation of all AFG shares and a distribution-in specie of the shareholding in Alliance Bank held by AFG to its shareholders, on the basis of one Alliance Bank share for every one AFG share held and cancelled.
This resulted in its shareholders holding an equal number of Alliance Bank shares in lieu of the cancelled AFG shares.
AFG said the delayering of shareholdings in the group allows for a "simplified financial reporting process" which will "improve costs and corporate efficiency".
"The listing of Alliance Bank shares allows existing shareholders of AFG to participate directly in the equity and envisaged growth of the bank," it added.