KUALA LUMPUR (March 18): The Securities Commission Malaysia (SC) said today it is aware of reports about the disposal of shares by senior executives of AMMB Holdings Bhd (AmBank) but declined to comment on the matter.
SC chairman Datuk Syed Zaid Albar said the regulator is reviewing the issue and cannot make any comments until the review is completed.
“We are aware of this and if you are to ask whether or not this is insider trading, we cannot make any comment or determination until the SC has reviewed all the evidence and circumstances relating to the matter,” said the chairman in a virtual conference today.
Meanwhile, he also refused to comment on the bank’s recent RM2.83 billion settlement to the government on matters relating to 1Malaysia Development Bhd (1MDB), when asked for details, as he said the settlement is “still in progress”.
Earlier this month, it was reported that three senior executives at AmBank sold their shares in late December, which included wholesale banking managing director Raja Maimunah Raja Abdul Aziz’s disposal of 85,600 shares or 0.003% equity interest at RM3.66 per share on Dec 29, 2020, leaving her 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 apiece, while group chief human resources officer Penelope Gan Mei Lynn sold 88,000 shares at RM3.66 apiece, and group chief internal auditor Shamsul Bahrom Mohamed Ibrahim sold 48,000 shares at RM3.65 apiece.
AmBank Islamic Bhd chief executive officer Eqhwan Mokhzanee Muhammad, meanwhile, disposed of all 56,050 shares in hand at RM3.64 per share on Dec 30, 2020.
The disposal of shares were made a few months ahead of the announcement that the bank had reached an agreement with the Ministry of Finance for the RM2.83 billion settlement, after which AmBank’s share price took a nosedive to close at a low of RM2.80 on March 3.
AmBank fell one sen or 0.32% to close at RM3.08, giving a market capitalisation of RM9.28 billion.