AFG completes corporate revamp exercise

KUALA LUMPUR: Alliance Financial Group Bhd (AFG) has completed its corporate reorganisation exercise, which sees Alliance Bank Malaysia Bhd (ABMB) assuming its listing status on the official list of the Main Market of Bursa Malaysia Securities Bhd effective today.

In a statement, AFG said the exercise involved de-layering of shareholdings in the group, allowing for a simplified financial reporting process that would 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 ABMB share for every one 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,” it said.

AFG said the listing of ABMB shares would allow its existing shareholders to participate directly in the equity and envisaged growth of the bank.

With the completion of the corporate reorganisation exercise, AFG’s chairman/director, Datuk Oh Chong Peng, has retired today, it said. - Bernama