MBSB active, gains 3.94% on getting nod to acquire AFB

KUALA LUMPUR (Aug 21): Malaysia Building Society Bhd (MBSB) rose 3.94% in active trade this morning after it obtained a written approval from the Finance Minister to go ahead with its proposed acquisition of a 100% stake in Asian Finance Bank Bhd (AFB).

At 9.25am, MBSB rose 5 sen to RM1.32 with 11.58 million shares done.

MBSB said it will make an announcement when it inks the definitive agreement.

The proposed merger will create Malaysia’s second largest stand-alone Islamic bank, after Bank Islam Malaysia Bhd. —

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