AMMB Holdings Bhd [%GYJv%] 
Research by Kenanga
MARKET PERFORM: Price Target: RM2.85

"Disposing AmGeneral Insurance"

51%-owned AmGeneral Holdings Bhd has proposed to dispose AmGeneral Insurance Bhd (AIGB) to Liberty Insurance Bhd (LIB) for RM2.29b (subject to adjustments), via cash and a 30% stake in LIB’s combined business unit. The cash payment would assist the group in rebuilding its capital strength while an enlarged LIB will offer exclusive bancassurance to AMBANK for 20 years, thus maintaining the group participation in the general insurance space. Maintain MP and GGM-PBV TP of RM2.85.

Clement Chua 
E [%LmHr%]

AMMB Holdings Bhd $KLSE-AMBANK 
Research by Kenanga
MARKET PERFORM: Price Target: RM2.85

"Disposing AmGeneral Insurance"

51%-owned AmGeneral Holdings Bhd has proposed to dispose AmGeneral Insurance Bhd (AIGB) to Liberty Insurance Bhd (LIB) for RM2.29b (subject to adjustments), via cash and a 30% stake in LIB’s combined business unit. The cash payment would assist the group in rebuilding its capital strength while an enlarged LIB will offer exclusive bancassurance to AMBANK for 20 years, thus maintaining the group participation in the general insurance space. Maintain MP and GGM-PBV TP of RM2.85.

Clement Chua 
E clement.chua@kenanga.com.my