KUALA LUMPUR (May 6): AMMB Holdings Bhd (AmBank Group) has recently ceased its fund management operation in Brunei.

This follows the surrender of the investment adviser licence by its wholly-owned subsidiary, AmCapital (B) Sdn Bhd to the Bruneian regulatory authority effective May 1, 2015.

"An internal rationalisation exercise, the cessation of business by AmCapital, being a non-core operating unit, will not have any material impact on the consolidated financial position of the group," said AmBank Group (fundamental: 1.7; valuation: 3) in a filing with Bursa Malaysia today.

AmBank Group shares closed down 0.62% at RM6.40 today, bringing a market capitalisation of RM19.29 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)