We wish to announce that we have obtained the Board of Directors of ABB (“Board”)’s and regulatory approvals to propose:

(i)               a single-tier special dividend of RM0.1809 per ordinary share of ABB (“ABB Share(s)”) amounting to approximately RM400.21 million from the extraordinary gain from the divestment of Affin Hwang Asset Management Berhad (“AHAM”), to be paid out to the shareholders of ABB to reward shareholders for their continuous support (“Proposed Special Dividend”).

The Proposed Special Dividend is subject to ABB’s shareholders supporting the proposed variation of the utilisation of proceeds raised from the divestment of the 7,000,000 ordinary shares in AHAM, representing 63% equity interest in AHAM, (“Proposed Variation”) at an extraordinary general meeting to be convened. Please refer to the announcement dated 18 October 2022 for further details of the Proposed Variation; and

(ii)              a single-tier interim dividend of RM0.0453 per ABB Share for the current financial year ending 31 December 2022 amounting to approximately RM100.22 million, to be paid out to the shareholders of ABB (“Interim Dividend”).

The Board has also determined that the DRP will apply to:

(a)         the Proposed Special Dividend, in which RM0.1085 per ABB Share will be paid in cash and the remaining RM0.0724 per ABB Share can be elected to be reinvested into new ABB Shares; and

(b)         the Interim Dividend, in which the entire Interim Dividend of RM0.0453 per ABB Share can be elected to be reinvested into new ABB Shares.

(referred to as the “5th DRP”)

In connection with the 5th DRP, Bank Negara Malaysia has granted its approval via its letter dated 17 October 2022 for the increase in the issued share capital of ABB of up to 255,285,502 new ABB Shares to be issued.

This announcement is dated 18 October 2022.