AmBank withdraws demand for US$20.48mil from Falcon

CIMB Research said AMMB would start to realise cost savings of RM80mil per annum from its mutual separation scheme from FY19F onwards.

SINGAPORE: AmBank has withdrawn a statutory demand, totalling US$20.48m, filed against Singapore-listed Falcon Energy Group.

In an announcement to Singapore Exchange, Falcon said AmBank had also agreed to keep in abeyance until February civil suits against wholly owned subsidiaries Century Marine, Excel Marine and Morrison Marine Services, Bayu Maritim Berkah and the parent. This is to give all parties time to negotiate a final resolution.