Submitting Merchant Bank
:
-
Company Name
:
AMMB HOLDINGS BERHAD
Stock Name
:
AMBANK  
Date Announced
:
07/01/2013


Type
:
Announcement
Subject
:
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
NON RELATED PARTY TRANSACTIONS

Description
:
AMMB Holdings Berhad
- Life Insurance and Family Takaful Joint Venture

Announcement Details/Table Section :


1.      On 31 December 2012, AMMB Holdings Berhad ("AMMB") announced that its wholly-owned subsidiary, AMAB Holdings Sdn Bhd ("AMAB"), had received relevant regulatory
         approval for the acquisition of the remaining 30% shareholding each held by Friends Life FPL Limited ("Friends Life") in AmLife Insurance Berhad ("AmLife") and AmFamily Takaful
         Berhad ("AmTakaful") (the "Repurchase").

Further thereto, AMAB and Friends Life have on 4 January 2013 completed the Repurchase at an aggregate cash consideration of RM245 million, thereby making AmLife and    
         AmTakaful  both 100%-owned subsidiaries of AMAB.

2. Pursuant to the Repurchase, AMAB has acquired Friends Life's 30% investment each in AmLife and AmTakaful, comprising:


(i) 30,000,000 ordinary shares of RM1.00 each in AmLife (the "AmLife Shares"); and

(ii) 30,000,000 ordinary shares of RM1.00 each in AmTakaful (the "AmTakaful Shares"),

with all rights and benefits attaching thereto (including all rights to any dividend or distribution declared, made or paid in respect of the AmLife Shares and AmTakaful Shares from the
         completion date thereof) and free from all encumbrances.

The purchase consideration for the Repurchase, wholly satisfied in cash, was arrived at on a "willing buyer-willing seller" basis, taking into consideration the unaudited net assets of AmLife and
         AmTakaful as at 30 September 2012 of an aggregate of RM487 million.

3. Being a cash transaction, the Repurchase has no effect on the share capital and the shareholdings of the substantial shareholders of AMMB. In addition, it is not expected to have any material 
       effects on the consolidated earnings, gearing and net assets of AMMB for the financial year ending 31 March 2013.

4. None of the Directors and major shareholders of AMMB or persons connected with them, has any interest, direct or indirect, in the Repurchase.

This announcement is dated 7 January 2013.


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