We refer to our announcement on 3 January 2019 in respect of the proposed disposal by AmBank (M) Berhad (“AmBank”) and AmBank Islamic Berhad (“AmBank Islamic”) of their respective non-performing loans/financing (the “Proposed Disposal”).

Further thereto, we wish to announce that the High Court of Malaya has granted the order for the vesting of:-

(a) AmBank’s non-performing loans to Aiqon Amanah Sdn Bhd, which has taken effect on 22 February 2019; and

(b) AmBank Islamic’s non-performing financing to Aiqon Islamic Sdn Bhd, which takes effect on 5 March 2019.

The Proposed Disposal is therefore completed. Given that the final consideration payable for the Proposed Disposal is subject to the settlement and adjustment mechanism as set out in the respective sale and purchase agreements, the AMMB Group will only be able to definitively determine the net gain from the Proposed Disposal after the settlement and adjustment amounts are finalised and confirmed by both the sellers and buyers.

Further announcement on the financial effects will be made upon confirmation of the final consideration payable. 

This announcement is dated 5 March 2019.