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OTHERS AMMB HOLDINGS BERHAD ("AMMB" OR THE "COMPANY") PROPOSED DISPOSAL OF AMGENERAL INSURANCE BERHAD ("AGIB") TO LIBERTY INSURANCE BERHAD ("LIB")

AMMB HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
AMMB HOLDINGS BERHAD ("AMMB" OR THE "COMPANY")

PROPOSED DISPOSAL OF AMGENERAL INSURANCE BERHAD ("AGIB") TO LIBERTY INSURANCE BERHAD ("LIB")

The Board of Directors (“Board”) of AMMB wishes to announce that AmGeneral Holdings Berhad (“AGHB”), a 51%-owned subsidiary of AMMB, has on 19 July 2021, entered into an Implementation Agreement with LIB whereby AGHB will dispose its wholly-owned subsidiary, AGIB, to LIB for approximately RM2,290 million (subject to adjustments), to be satisfied via a combination of cash and shares in LIB (“Proposed Disposal”).

The Proposed Disposal is subject to regulatory approvals. Contingent on receiving the said approvals, AGHB and LIB will, inter alia, execute a share purchase agreement under which:

(a)       LIB will acquire 100% equity stake in AGIB from AGHB for approximately RM2,290 million (subject to adjustments); and

(b)       AMMB’s share of proceeds from the Proposed Disposal will be satisfied via a combination of cash and shares, which will result in AMMB holding a 30% interest in the LIB and AGIB businesses.  

Upon completion of the Proposed Disposal, AMMB and Liberty Mutual Insurance Company (the parent company of LIB) will hold a 30% and a 70% equity stake respectively in LIB and AGIB. AMMB will be accounting for the Proposed Disposal as a disposal of subsidiary and, subsequently, will account for the 30% retained interest in LIB and AGIB as an associate undertaking.

The Proposed Disposal will also see AMMB Group entering into a 20-year new bancassurance partnership.

Further details on the Proposed Disposal will be announced in due course.

This announcement is dated 19 July 2021.






Announcement Info

Company Name AMMB HOLDINGS BERHAD
Stock Name AMBANK
Date Announced 19 Jul 2021
Category General Announcement for PLC
Reference Number GA1-15072021-00068


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