KUALA LUMPUR – Malaysian Industrial Development Finance Bhd (MIDF) is now a wholly owned subsidiary of Malaysia Building Society Bhd (MBSB) following Permodalan Nasional Bhd’s (PNB) acquisition of MIDF for RM1.01 billion.
The purchase consideration was settled by the issuance of 1.05 billion new MBSB shares at RM0.9652 per share (final consideration shares) allotted to PNB today.
The shares will be listed on Bursa Securities’ Main Market tomorrow, MBSB said in a statement today.
PNB emerged as MBSB’s substantial shareholder with a 12.78% equity stake while the Employees Provident Fund’s shareholding was reduced to 57.45% from 65.78%.
“The completion of this merger is strategically compelling as the enlarged group would emerge financially resilient,” MBSB’s group chief executive Rafe Haneef said.
As a major player in Islamic banking, its capacity is also strengthened via a bigger balance sheet, a wider reach and a whole range of new offerings from consumer banking, commercial and small and medium enterprises banking to corporate and investment banking businesses, he said.
The bank is well-positioned to provide customers with better service, innovative products, personalised experiences, and even greater sustainability, he said. – October 2, 2023