Malaysia Building Society Berhad (MBSB) has signed a conditional share purchase agreement to acquire Malaysian Industrial Development Finance (MIDF).<\/p>\n
The purchase consideration of approximately RM1.01 billion will be made possible by issuing approximately 1.05 billion new MBSB shares.<\/p>\n
This agreement will see MBSB take over the Permodalan Nasional Berhad (PNB) stake in MBSB.<\/p>\n
MIDF will become a subsidiary of MBSB. Meanwhile the Employees’ Provident Fund Board and PNB will continue to hold a percentage of interest in MBSB.<\/p>\n
\u201cThe potential synergies between MBSB Bank and MIDF would enable the enlarged group to serve a wider group of customers through tailored financing, structuring and advisory solutions.<\/p>\n
“Our combined strength and expertise put us in a better position to support the business needs and growth,” said Datuk Nor Azam Bin M. Taib, Group Chief Executive Officer of MBSB in a statement announcing the acquisition earlier this week.<\/p>\n
The enlarged group\u2019s business interests include consumer banking, commercial & SME banking, development finance, corporate banking businesses and investment banking business.<\/p>\n
MBSB will table the Proposed Acquisition for shareholders\u2019 consideration by August 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"