KUALA LUMPUR (July 22): AMMB Holdings Bhd has denied that it is in talks to sell its interest in its wholly-owned asset management unit, AmInvest.
“The AmBank Group would like to clarify in relation to recent media reports that it is presently not in any discussions with any parties pertaining to disposal of its interest in AmInvest,” the banking group said in a statement Friday.
“Should there be any pertinent announcements to be made, we will do so in accordance with listing requirements,” it added in its two-paragraph statement.
Bloomberg reported earlier that AMMB was weighing a sale of its asset management unit that could be valued at as much as US$300 million (about RM1.3 billion), citing sources.
AmInvest, according to its website, is the brand name for AMMB’s funds management business, comprising AmFunds Management Bhd and AmIslamic Funds Management Sdn Bhd. AMMB’s annual report shows that the group has 100% interest in both AmFunds and AmIslamic Funds.
AMMB’s shares, which has gained 25% year to date, climbed three sen or 0.8% to RM3.90 on Friday's close, giving it a market capitalisation of RM12.93 billion.