Malaysia Building Society Berhad (KLSE:MBSB) agreed to acquire Malaysian Industrial Development Finance Berhad (MIDF) from Permodalan Nasional Berhad on October 21, 2022. Malaysia Building Society Berhad entered into a conditional share purchase agreement to acquire Malaysian Industrial Development Finance Berhad from Permodalan Nasional Berhad for approximately MYR 600 million on June 9, 2023. As reported, MBSB will acquire the entire share capital of MIDF, comprising 480,355,627 ordinary shares for a purchase consideration to be satisfied through the issuance and allotment of 1,050,828,629 new ordinary shares in MBSB. Upon completion of the proposed acquisition, MIDF will become a wholly-owned subsidiary of MBSB. Pursuant to the agreement, PNB is entitled to nominate 2 persons as directors of MBSB, 1 of whom shall be an independent director, subject to the receipt of the relevant approval from Bank Negara Malaysia for such appointments (if required). On June 16 and June 30, 2023, the Board announced the appointment of Encik Mohamed Rafe bin Mohamed Haneef as the Group Chief Executive Officer of MBSB effective July 1, 2023. Following that, the role of Datuk Nor Azam M. Taib was redesignated as the Chief Executive Officer of MBSB Bank effective on the same date.

The transaction is subject to the approval of Bank Negara Malaysia and Ministry of Finance, the approval of the shareholders for the proposed acquisition at the EGM to be convened, the approval of Securities Commission Malaysia for the change in indirect shareholder of MIDF Amanah Investment Bank Berhad and MIDF Amanah Asset Management Berhad, from Permodalan Nasional Berhad to MBSB and the approval of Bursa Securities for the listing of and quotation of new MBSB Shares on the Main Market. Ministry of Finance/ Bank Negara Malaysia approved the acquisition on April 13, 2023. Bursa Securities had vide its letter dated June 22, 2023, approved the listing of and quotation for new MBSB consideration shares to be issued pursuant to the proposed acquisition. On April 14, 2023, the board of Malaysia Building Society has approved the acquisition. As of July 27, 2023, the transaction has been approved by the shareholders of Malaysia Building Society Berhad. As of August 25, 2023, Securities Commission Malaysia granted approval for change in controller. The SPA has become unconditional following the fulfilment of all the conditions precedent. The proposed acquisition is expected to be completed in early October 2023. AmInvestment Bank Berhad acted as financial advisor and Kenanga Investment Bank Berhad (KLSE:KENANGA) acted as Fairness Opinion Provider to MBSB.

Malaysia Building Society Berhad (KLSE:MBSB) completed the acquisition of Malaysian Industrial Development Finance Berhad (MIDF) from Permodalan Nasional Berhad on October 2, 2023.