WEALTH MANAGEMENT | Cesar Tordesillas, Malaysia

Chairman to own all shares at Alliance Investment Management

Alliance Investment Management chairman Tan Sri Abu Talib Othman will buy a 70 percent stake in the company for RM12.25 million.

Alliance Financial Group said that its unit, Alliance Bank Malaysia Bhd, was selling the stake, comprising of 7.90 million shares to Abu Talib - the current chairman of AIMB and who holds the remaining 30% stake.

AIMB's core activities are the management of unit trust funds, provision of corporate fund management and investment advisory services.

AFG said the proposed disposal was not expected to have any material effect on the net assets per share, earnings per share and gearing of AFG for the financial year ending March 31, 2013.

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