Alliance Financial Group reorganisation gets authorities’ approval

Alliance Bank's headquarters in Kuala Lumpur

KUALA LUMPUR: Bank Negara Malaysia (BNM) has informed Alliance Financial Group Bhd (AFG) that the group’s proposed corporate reorganisation, whereby AFG’s listing status will be taken over by its wholly-owned core subsidiary Alliance Bank Malaysia Bhd, has been approved.

AFG announced to Bursa Malaysia that BNM, through a letter dated June 8, said it and/or the Finance Ministry (as the case may be) had approved the relevant proposals.

The proposed reorganisation will involve, among others, the shareholders of AFG swapping their existing AFG shares for Alliance Bank shares on a 1-for-1 basis, where their number of shares held and percentage shareholdings in AFG will be the same in Alliance Bank.