The Board of Directors of ABMB wishes to announce that ABMB and its wholly-owned subsidiaries, namely Alliance Investment Bank Berhad, Alliance Direct Marketing Sdn Bhd, AllianceGroup Nominees (Asing) Sdn Bhd and AllianceGroup Nominees (Tempatan) Sdn Bhd (collectively, “the Vendors”), had on 26 May 2023 entered into a Share Sale Agreement for the disposal of the Vendors’ entire 100% equity shareholding in Alliance Trustee Berhad (“Alliance Trustee”) to Areca Capital Sdn Bhd and its related corporations, namely Areca Capital International Limited, Areca Private Equity Sdn Bhd, Areca Frontier Sdn Bhd and Areca Eco Sdn Bhd (collectively, the “Purchasers”).

The Disposal involves the Vendors each disposing of their respective 20% equity shareholding in Alliance Trustee to the Purchasers for a total consideration amounting to the net asset value of Alliance Trustee as at the completion date of the Disposal (“Completion”). An amount equivalent to approximately RM1.17 million, which was arrived at based on the net asset value of Alliance Trustee as at 31 March 2023, will be paid to the Vendors upon Completion and adjustments may be made thereto subject to the determination of the net asset value of Alliance Trustee as at Completion.

The Disposal provides an opportunity for ABMB and its subsidiaries (collectively, “the Group”) to exit its non-core trustee business. Upon completion of the Disposal, Alliance Trustee will cease to be a subsidiary of the Group.

The Disposal is not expected to have any significant financial and operational impact to the Group for the financial year ending 31 March 2024. None of the Directors or major shareholders of ABMB, or persons connected with them, are interested in the Disposal.

This announcement is dated 29 May 2023.