MBSB completes acquisition of AFB

KUALA LUMPUR (Feb 7): Malaysia Building Society Bhd (MBSB) has completed its acquisition of Asian Finance Bank (AFB) today.

The RM644.95 million acquisition was completed following MBSB’s settlement of a balance cash consideration of RM357.2 million as well as the allotment of the consideration shares in accordance with the terms of the sale and purchase agreement, it said in a filing.

“Upon the listing of the consideration shares on Feb 8, 2018, an amount of RM24.81 million — representing the deposit paid on the portion of the purchase consideration settled via the consideration shares — will be refunded to MBSB,” it said.

The acquisition will pave the way for the non-bank lender to become a full-fledged Islamic bank.

MBSB shares closed unchanged today at RM1.18, bringing it a market capitalisation of RM6.99 billion. —

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