PETALING JAYA: Australia & New Zealand Banking Group Ltd’s ANZ Funds Pty Ltd (ANZ) has exited AMMB Holdings Bhd
after having put up its remaining 5.2% stake or 171 million shares in the banking group for sale at between RM4.05 and RM4.10 per share.
The offer price represented a 2.8% to 4% discount to the May 30 close of RM4.22.
According to a term sheet sighted by StarBiz yesterday, the share auction was valuing the deal at between RM693mil and RM701mil.
The majority of the shares were acquired by local institutions, informed sources told the paper.
The latest stake sale follows ANZ’s earlier disposal of 16.5% or 545.83 million AMMB shares in March.
This reduced its stake in the lender to 5.17%.
The disposal was pursuant to the block trade agreement dated March 5, 2024 entered into between ANZ Funds, Merrill Lynch (Singapore) Pte Ltd and CIMB Investment Bank Bhd.
The share sale was priced at RM3.85 each or over RM2.1bil, representing an 8.3% discount to AMMB’s market closing price of RM4.20 the day before.
In the financial year ended Sept 30, 2021 (FY21), ANZ had written down the value of its investment in AMMB, following the banking group’s RM2.6bil settlement with the Malaysian government over its role in the 1Malaysia Development Bhd scandal.
The write-down reduced the carrying amount of ANZ’s investment in AMMB to A$719mil in FY21 from A$1.06bil in FY20.
The carrying amount had increased to A$881mil in FY23 from A$790mil in FY22.
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