Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Sept 15): The fund management units of AMMB Holdings Bhd, namely AmInvestment Management Sdn Bhd (AIM) and AmInvestment Services  Bhd (AIS), have entered into a Business Transfer Agreement today, to consolidate their businesses.

Both AIS and AIM are wholly-owned subsidiaries of AmInvestment Group Bhd, which in turn is a wholly-owned subsidiary of AMMB.

In a filing with Bursa Malaysia today, AMMB said the proposed consolidation is to streamline the broadly similar business operations of AIM and AIS under a single entity, for better business efficiency.

“This will be implemented by way of AIM transferring the assets and liabilities relating to its business to AIS, for a cash consideration to be determined based on the net asset value,” said AMMB.

The proposed consolidation, which was approved by the Securities Commission vide its letter dated June 25, 2014, is now subject to AIM and AIS obtaining the High Court order for the vesting of AIM’s assets and liabilities in AIS.

AMMB said the proposed consolidation will not impact its issued and paid-up capital, substantial shareholders’ shareholdings, gearing, earnings and net assets for the financial year ending March 31, 2015, as it is just an internal reorganisation.

 

      Print
      Text Size
      Share