AmBank receives notifications of three more senior officers selling shares in December

AmBank receives notifications of three more senior officers selling shares in December
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KUALA LUMPUR (March 8): Three more senior executives at AMMB Holdings Bhd (AmBank) sold their shares in late December. 

Last Friday’s bourse filing showed that Raja Maimunah Raja Abdul Aziz, the managing director of wholesale banking, sold 85,600 shares or 0.003% equity interest at RM3.66 per share on Dec 29, 2020. She is now left with 50 shares.

AmBank’s group chief risk officer Jeroen Petrus Margaretha Maria Thijs sold all of his 67,800 shares held at RM3.64 a share on the same day as well. 

Meanwhile, Yap Huey Wen, the managing director for business banking, sold all 66,650 shares in hand for RM3.65 per share on Dec 30, 2020.

The banking group said it had received notification from the three senior officers on share sales, but did not reveal the receipt date.

Coincidently, filings with the exchange in December showed that four other senior officers also sold shares on the two trading days.

On Dec 29, 2020, the bank’s group chief operations officer Datuk Iswaraan Suppiah sold 36,000 shares at RM3.63 per share, while group chief human resources officer Penelope Gan Mei Lynn sold 88,000 shares at RM3.66 per share, and group chief internal auditor Shamsul Bahrom Mohamed Ibrahim sold 48,000 shares at RM3.65 per share. 

AmBank Islamic Bhd chief executive officer (CEO) Eqhwan Mokhzanee Muhammad, meanwhile, disposed of all 56,050 shares in hand at RM3.64 per share on Dec 30, 2020.

To recap, Yap and Iswaraan received their respective shares from the Long-Term Incentive Awards under the AMMB Executives' Share Scheme at the transfer price of RM3.1036 per share on July 2 last year, according to filings with Bursa Malaysia, while the other five directors — Raja Maimunah, Jeroen, Gan, Shamsul and Eqhwan — received theirs at the transfer price of RM2.97 per share on April 29, 2020.

AmBank’s share price took a nosedive last week after it announced that it had reached an agreement with the Ministry of Finance (MoF) for a whopping RM2.83 billion global settlement in relation to its involvement in the 1Malaysia Development Bhd (1MDB) scandal.  

The stock plunged to a low of RM2.63 last Wednesday against the previous Friday’s closing of RM3.16 when it resumed trading after being suspended from trading for two days. It managed to regain some loss to end the week at RM2.92, down 24 sen or 7.6% week-on-week.

The banking group was valued at RM8.8 billion at the share price of RM2.92. Over the last three-month period, the counter had fallen 21.3% from RM3.71 on Dec 11, 2020.

Read also:
RAM Ratings downgrades AMMB, banking subsidiaries to AA3 following RM2.83b settlement over 1MDB

Kathy Fong