Australia's ANZ selling 9% stake in AmBank, term sheet shows

SYDNEY/SINGAPORE: Australia's fourth-biggest bank ANZ Group is selling around 298 million shares or 9% stake worth up to $242 million in Malaysian lender AMMB Holdings, according to a term sheet seen by Reuters on Tuesday.

The shares are being offered at between 3.80 ringgit and 3.85 ringgit per AmBank share, according to the sheet, which is equivalent to a discount of 8.3% to 9.5% to the closing price of AMMB's shares of 4.20 ringgit on Tuesday.