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PETALING JAYA (July 3): AMMB Holdings Bhd said its wholly-owned subsidiary AmBank (M) Bhd has submitted an application to the Ministry of Economy (MOE) in relation to its proposed acquisition of Menara AmBank and related assets for RM331 million.
The application was submitted yesterday (July 2), pursuant to Clause 3.1.2 of the sale and purchase agreement (SPA), the group said in a Bursa filing on the same day.
The proposed acquisition, first announced on June 8, involves the purchase of the property from Maybank Trustees Bhd, acting as trustee for AmFIRST Real Estate Investment Trust (AmFIRST REIT), under a related party transaction structure falling within Chapter 10 of the Main Market Listing Requirements.
AMMB said the latest submission represents an update in the execution process of the transaction, which remains subject to regulatory approvals and fulfilment of conditions precedent.
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