Alliance Financial Group Bhd (AFG) has received shareholder approval for the proposed corporate reorganisation exercise whereby its listing status will be assumed by its wholly-owned core subsidiary, Alliance Bank Malaysia Bhd. AFG chairman Datuk Oh Chong Peng said the proposed corporate exercise would involve, among others, the AFG shareholders exchanging their existing shares for ABMB's shares on a 1-for-1 basis where the number of shares held and the percentage shareholding would be the same in both companies.