News

The Board of Directors of ASB wishes to announce that following the proposed reorganisation of our Group structure for better management, ASB has transferred its entire direct shareholding of 51% of the total issued and paid-up share capital of SCSB comprising 2,550,000 ordinary shares of RM1.00 each (“SCSB Shares”) at par for a cash consideration of RM2,550,000 to its wholly-owned subsidiary, ASCAP (hereinafter referred to as “Reorganisation”).

Consequential to the above, SCSB became an indirect wholly-owned subsidiary of ASB held via ASCAP. Prior to the Reorganisation, ASB and ASCAP respectively holds 51% and 49% equity interest in SCSB.

SCSB is presently involved in the provision of designated payment instruments and products while ASCAP is engaged in investment holding and the provision of management services to its subsidiaries.

The SCSB Shares will be transferred free from all liens, pledges, charges, mortgages and any other encumbrances whatsoever with all rights attached thereto including any dividend, bonus or rights issue that may be declared as from the date of completion of the Reorganisation.

The Reorganisation has no effect on the share capital and substantial shareholders’ shareholdings of ASB as it does not involve any issuance of securities.

The Reorganisation is not expected to have any material impact on the earnings per share and net assets per share of ASB Group for the financial year ending 31 December 2012.

None of the directors, major shareholders and/or persons connected with the directors and major shareholders of ASB has any interest, direct or indirect, in the Reorganisation.

This announcement is dated 7 November 2012.