PETALING JAYA, July 23 \u2014 MBSB Berhad has offloaded its entire stake in MIDF Amanah Asset Management Berhad (MAAM) to Tortoise Works Sdn Bhd. In a move to concentrate resources on its primary banking operations.<\/p>\n
The sale, executed through MBSB\u2019s wholly-owned subsidiary Malaysian Industrial Development Finance Berhad (MIDF), aligns with the group\u2019s broader transformation strategy.<\/p>\n
MBSB said the divestment is not expected to have any material financial impact on the group.<\/p>\n
\u201cSharpening our focus on core banking means being deliberate about what sits outside it,\u201d said Rafe Haneef, Group Chief Executive Officer of MBSB.<\/p>\n
He added that MAAM has built a respected reputation over 34 years and wished the team success as the firm enters its next phase of growth.<\/p>\n
Shan Kamahl Mohammad, director of Tortoise Works, expressed commitment to preserving MAAM\u2019s heritage while pursuing sustainable growth and disciplined governance.<\/p>\n
He thanked MIDF and MBSB for their professionalism throughout the process, noting the opportunity to become the next steward of the established firm.<\/p>\n
The transaction was completed today, following approval from the Securities Commission on July 9.<\/p>\n","protected":false},"excerpt":{"rendered":"PETALING JAYA, July 23 \u2014 MBSB Berhad has offloaded its entire stake in MIDF Amanah Asset Management Berhad…\n","protected":false},"author":2,"featured_media":564400,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,61,60,238413,238414,174,175,164548,238416,238417,238415],"class_list":["post-564399","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-ie","tag-ireland","tag-mbsb-berhad","tag-midf-amanah-asset-management","tag-personal-finance","tag-personalfinance","tag-petaling-jaya","tag-rafe-haneef","tag-shan-kamahl-mohammad","tag-tortoise-works"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/564399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=564399"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/564399\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/564400"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=564399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=564399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=564399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}