Malaysia Building Society Berhad and Malaysian Industrial Development Finance Berhad Merger to be Finalised by the First Quarter of 2023 

The planned acquisition of Malaysian Industrial Development Finance Berhad (MIDF) by Malaysia Building Society Berhad (MBSB) is scheduled to be finished by the first quarter of 2023 (1Q 2023) and is expected as early as February 2023.

Why it Matters?

The application seeking clearance for the purchase of MIDF from Permodalan Nasional Berhad (PNB) was submitted to Bank Negara Malaysia, the Central Bank of Malaysia, by MBSB on the 21st of October 2021 in order to create a global Islamic banking group. The parties anticipate obtaining Bank Negara Malaysia's clearance for the transaction before the end of 2022, at which point MBSB will call an Extraordinary General Meeting (EGM) to get shareholder approval and by the beginning of 2023, everything is expecte...