KUALA LUMPUR: AMMB Holdings Bhd’s (AmBank) shares in early trade following news that Australia’s fourth-biggest bank ANZ Group is selling around 298 million shares or a 9% stake worth up to US$242mil in the bank.
The bank is the top loser on Bursa Malaysia. The counter fell 20 sen, or 4.76% to RM4 with 6.38 million shares traded at 9.16 am. In the past five days, it has fallen about 7.4%.
According to the term sheet, the shares are being offered at between RM3.80 and RM3.85 per AmBank share.
This is equivalent to a discount of 8.3% to 9.5% to the closing price of AMMB’s shares of RM4.20 yesterday.
The sale will reduce ANZ’s stake in AmBank to 12.7% from 21.7%, according to the sheet.
The joint placement agents for the sale are BofA Securities and CIMB, the sheet showed.
