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AMMB Holdings units to sell 553.9M ringgit of bad loans

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AMMB Holdings units to sell 553.9M ringgit of bad loans

Malaysia's AmBank (M) Bhd. and AmBank Islamic Bhd. agreed to sell 553.9 million ringgit of bad loans to two special-purpose subsidiaries of Aiqon Capital Group Sdn. Bhd. as part of their debt recovery strategy, according to a Jan. 3 release.

AmBank (M) and AmBank Islamic are units of Malaysia-based AMMB Holdings Bhd. Under the agreement, AmBank (M) and AmBank Islamic will sell 428.1 million ringgit and 125.8 million ringgit of their nonperforming loans, respectively, to Aiqon Amanah Sdn Bhd. and Aiqon Islamic Sdn Bhd.

The NPL portfolio consists of 537,068 accounts of individuals and corporations.

The sale is expected to be completed by March 31.

AmBank (M) and AmBank Islamic will use proceeds from the sale for their general working capital purposes within one year of completion.

As of Jan. 3, US$1 was equivalent to 4.14 Malaysian ringgit.