KUALA LUMPUR: AMMB Holdings Bhd
’s wholly-owned subsidiary AmBank (M) Bhd has signed a conditional agreement to acquire Menara AmBank at Jalan Yap Kwan Seng, Kuala Lumpur, along with the related assets and rights, for RM331 million.
AMMB said the bank, which is the building’s anchor tenant, is buying the property, together with all tenancies, licences, operational assets and essential contracts for its operation and maintenance, from Maybank Trustees Bhd, which is acting as trustee on behalf of AmFirst Real Estate Investments Trust (REIT).
AmBank is a substantial unitholder of AmFirst REIT, owning 26.73 per cent of the units.
In a filing with Bursa Malaysia today, AMMB said the proposed acquisition is an opportunity for AmBank to own the freehold building in which its offices are located.
Being the owner allows the bank to secure its long-term office tenure and also potentially mitigate increases in costs and expenses incurred in connection with its occupation of Menara AmBank, it said.
"In view of the strategic location of Menara AmBank, AMMB believes that the proposed acquisition is aligned with the group’s office location strategy,” it added.
Subject to all approvals being obtained, AMMB said, the proposed acquisition is expected to be completed in the 4th quarter of 2026.
It added that the proposed purchase will not have any effect on the issued share capital of AMMB and the shareholdings of the substantial shareholders of the company, as it does not involve the issuance of new AMMB shares. - Bernama
