KUALA LUMPUR (Nov 6): AMMB Holdings Bhd's (KL:AMBANK) wholly-owned subsidiaries, AmBank (M) Bhd and AmBank Islamic Bhd, have set up debt programmes to raise up to RM7 billion to finance their working capital, among others.

The units have lodged a Commercial Papers Programme and an Islamic Commercial Papers (ICP) programme with the Securities Commission Malaysia. The first has a nominal value of RM4 billion, while the second has one of RM3 billion.

“The programmes will give AmBank and AmBank Islamic an additional option to raise funds from time to time to finance working capital, general banking or other corporate requirements,” said the bank in a bourse filing.

The programmes have been assigned short-term ratings of P1 by RAM Rating Services Bhd.

AMMB’s investment banking arm, AmInvestment Bank Bhd, served as the principal adviser, lead arranger, lead manager, and facility agent for the programmes, while AmBank Islamic is the shariah adviser for the ICP programme.

AMMB’s share price settled nine sen or 1.7% higher at RM5.27 on Wednesday, bringing the group a market capitalisation of RM17.47 billion.