PETALING JAYA: Alliance Bank Malaysia Bhd
(ABMB) has proposed to raise RM600mil via a proposed renounceable rights issue of new ordinary shares.
According to a Bursa filing, the proposed exercise aims to bolster the bank’s capital base, enhance financial flexibility, and support its growth strategy.
In an exchange filing, the bank not it will in due course determine and disclose the final entitlement basis and issue price of the rights shares.
ABMB added the funds raised will primarily be allocated for working capital.
Vertical Theme Sdn Bhd (VTSB), a major shareholder (29% stake) in ABMB, has provided an irrevocable undertaking to fully subscribe to its entitlement under the rights issue.
As at Feb 17, 2025, ABMB has 1.55 billion shares in issue. Subject to necessary regulatory approvals, the rights issue is expected to be completed by the third quarter of 2025.
