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Futu News ·  Mar 24 02:49

$ABMB (2488.MY)$ plunged 9.04% to RM4.63 with a turnover of RM26.76 million. The company plans to raise RM600 million through a proposed renounceable rights issue of new ordinary shares.

As stated in a Bursa filing, the purpose of this proposed action is to strengthen the bank's capital base, increase its financial flexibility, and support its growth strategy.

In an exchange filing, the bank noted that it will decide and disclose the final entitlement ratio and the issue price of the rights shares in due time.

ABMB further mentioned that the funds obtained will mainly be used for working capital.Vertical Theme Sdn Bhd (VTSB), which holds a 29% stake and is a major shareholder in ABMB, has given an irrevocable commitment to fully subscribe for its share under the rights issue.

As of February 17, 2025, ABMB has 1.55 billion issued shares. Pending the required regulatory approvals, the rights issue is anticipated to be completed in the third quarter of 2025.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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