Ministry of Economy clears AmBank's RM331 mil acquisition of Menara AmBank from AmFirst REIT

PETALING JAYA (July 29): AMMB Holdings Bhd said the Ministry of Economy (MOE) has no objection to the proposed RM331 million acquisition of Menara AmBank by its wholly owned subsidiary, AmBank (M) Bhd.

In a Bursa Malaysia filing on Tuesday (July 28), the group said the ministry confirmed its position on July 27, marking another regulatory milestone for the proposed related-party transaction.

Under the deal, AmBank will acquire Menara AmBank together with the related assets and rights from Maybank Trustees Bhd, acting as trustee for and on behalf of AmFirst Real Estate Investment Trust (AmFirst REIT), for a cash consideration of RM331 million.

The proposed acquisition was first announced on June 8, with a subsequent update issued on July 2.

The latest filing relates solely to the MOE's confirmation that it has no objection to the proposed acquisition. The transaction remains subject to the terms and conditions set out in the earlier announcements.

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