AMBB Capital (L) Ltd, a wholly owned subsidiary of AmBank (M) Berhad, Malaysia's sixth largest bank with total assets of $13.7 billion, will list $200 million in Hybrid Securities on the Labaun International Financial Exchange (LFX).
The bank announced on Monday that it has completed the book building process in relation to the issue of the 'Fixed-to-floating Rate Step-up Non-cumulative Non-voting Guaranteed Preference Shares,' or Hybrid Shares, with AmMerchant Bank Berhad, BNP Paribas and Credit Suisse having been appointed by AmBank as the joint lead managers and joint bookrunners.
The Hybrid Securities are guaranteed on a subordinated basis by AmBank and will be listed on the LFX and the Singapore Exchange. They are open to international institutional investors.
The initial book size was set at $150.0 million, but was twice oversubscribed, leading to its increase to $200 million.
"The Hybrid Securities issued by AMBB Capital has garnered strong demand from international investors and the attractive pricing for the Hybrid Securities demonstrates international investors' confidence in AmBank's Business model," commented Mr Cheah Tek Kuang, Chief Executive Officer of AmBank.
The LFX is an offshore exchange wholly owned by the Kuala Lumpur Stock Exchange (KLSE). It was officially launched in November 2000 and it is seen as one of the key components in promoting Labuan as an offshore financial centre.
In August 2005, the total market capitalisation of Labuan International Financial Exchange (LFX) had reached $12.09 billion, and the exchange accepted its 34th listing last month with the debut of Eucalyptus Investment Holdings Limited's $30 million variable rate guaranteed secured bonds.
AmBank, with total assets of RM51.6 billion ($13.7 billion) as at 30 September 2005, is the sixth-largest Malaysian bank by assets with over 170 branches nationwide.
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