26 September 2017
Alliance Bank Malaysia Berhad assumes listing status as the holding company
Kuala Lumpur, 26 September 2017 – Alliance Financial Group Berhad (“AFG”) has completed its Corporate Reorganisation Exercise, which sees Alliance Bank Malaysia Berhad (“ABMB” or “the Bank”) assuming its listing status on the Official List of the Main Market of Bursa Malaysia Securities Berhad with effect from 26 September 2017.
The exercise involves de-layering of shareholdings in AFG, allowing for a simplified financial reporting process which will improve costs and corporate efficiency.
The exercise was performed via the cancellation of all ordinary shares in AFG and distribution-in-specie of the entire shareholdings of AFG in ABMB to the shareholders of AFG, on the basis of one (1) ABMB share for every one (1) AFG share held and cancelled. This resulted in AFG’s shareholders holding an equal number of ABMB shares in lieu of the cancelled AFG shares.
The listing of ABMB shares allows existing shareholders of AFG to participate directly in the equity and envisaged growth of the Bank.
With the completion of the Corporate Reorganisation Exercise, AFG’s Chairman and Director, Datuk Oh Chong Peng has retired on 26 September 2017.
The Bank would like to thank Datuk Oh for his contributions for the past 11 years and wish him well in his future endeavours.
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About Alliance Financial Group
Alliance Bank Malaysia Berhad together with its subsidiaries, Alliance Investment Bank Berhad and Alliance Islamic Bank Berhad, is a dynamic, integrated financial services group offering banking and financial services through its consumer banking, SME banking, corporate and commercial banking, Islamic banking, investment banking, and stockbroking businesses.
It provides easy access to its broad base of customers throughout the country via multi delivery channels which include retail branches, Privilege Banking Centres, Islamic Banking Centres, Business Centres, and Investment Bank branches and direct marketing offices located nationwide, as well as mobile and Internet banking.
With over five decades of proud history in contributing to the financial community in Malaysia with its innovative and entrepreneurial business spirit through its principal subsidiaries, Alliance Bank is committed to delivering the best customer experience and creating long-term shareholder value.
For more information on this press release, please contact Agnes Ong at Tel: (03) 2604 3378 or e-mail at email@example.com.