AMMB inks agreemet with Amcorp Properties to manage AmFirst REIT

PETALING JAYA: AMMB Holdings Bhd's wholly owned subsidiary AmInvestment Group Bhd (AIGB) has entered into a new shareholders' agreement with Amcorp Properties Bhd in the business of managing AmFirst REIT after the agreement termination with ARA Asset Management (Malaysia) Ltd.
Recall that AIGB and ARA Asset Management had set up a subsidiary known as Am ARA REIT Managers Sdn Bhd to o undertake the management of AmFirst REIT.
Am ARA REIT Managers is 100%-owned by Am ARA REIT Holdings Sdn Bhd.
However, as ARA Asset Management has disposed of its 30% stake in Am ARA REIT Holdings to Amcorp Properties, both AIGB and ARA Asset Management have mutually agreed to terminate the joint venture.
Amcorp Properties is a 71%-owned subsidiary of Amcorp Group Bhd, which is also a substantial shareholder of AMMB.
AMMB's share pice gained 1 sen or 0.22% to close at RM4.60 on some 1.76 million shares done.