Alliance Bank Malaysia’s oversubscribed RM 600 million rights issue

Christopher & Lee Ong, member firm of Rajah & Tann Asia, acted as the issuer counsel to Alliance Bank Malaysia Berhad for its recently completed rights issue exercise (the “Rights Issue”). The Rights Issue had successfully raised gross proceeds of approximately RM 600 million, marking the first rights issue by a financial institution in Malaysia since 2015. The exercise was oversubscribed by 55.1 percent, with applications received for over 282 million shares, well exceeding the 182.12 million shares offered. The Rights Issue was supported by an undertaking from Temasek Holdings Pte Ltd, which is a substantial shareholder of Alliance Bank Malaysia Berhad via its investment vehicle. RHB Investment Bank Berhad was the Principal Adviser and Sole Underwriter for the Rights Issue. Partners Adrian Chee and Justin Chua from the Capital Markets Practice led the transaction.