AmBank to raise RM810mil via private placement

[superadmin]

KUALA LUMPUR: AMMB Holdings Bhd (AmBank) is looking to raise about RM810 million through a private placement, it said in a bourse filing.

The placement comes after the bank said in February it will pay the government RM2.83 billion to settle claims linked to the 1MDB scandal, a hefty payment that is expected to have a material impact on the group’s earnings.

The bank said late yesterday it has proposed a placement of 300 million new shares at an illustrative issue price of RM2.70 per placement share.

Of that, RM806 million is intended for working capital purposes including injection of capital into the group’s operating subsidiaries over a 12-month period, it said.


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