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AMMB Holdings to record net gain of 229.9M ringgit from bad loan sale

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AMMB Holdings to record net gain of 229.9M ringgit from bad loan sale

Malaysia's AMMB Holdings Bhd. will record a net gain of about 229.9 million ringgit from the sale of bad loans by subsidiaries AmBank (M) Bhd. and AmBank Islamic Bhd.

AmBank (M) and AmBank Islamic previously sold 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.

The net gain from the proposed disposal is expected to enhance the EPS and net asset per share of AMMB Holdings by 7.6 sen.

As of March 18, US$1 was equivalent to 4.08 Malaysian ringgit.