PETALING JAYA: Malaysia Building Society Bhd (MBSB) hopes to see Malaysian Industrial Development Finance (MIDF) as part of the group by September this year following their recent proposed acquisition announcement.
Chief strategy officer Datuk Azlan Shahrim said an extraordinary general meeting (EGM) will be called in July or August to seek shareholders’ approval.
“We’re hoping that shareholders will support it,” he said after MBSB’s 53rd annual general meeting yesterday.
MBSB recently signed a conditional share purchase agreement with Permodalan Nasional Bhd (PNB) to take over MIDF for RM1.01 billion.
On the bank’s performance, group chief executive officer Datuk Nor Azam M. Taib said it is looking at eight to 10 per cent in financing growth this year.
The bank, he said, has launched a mitigation plan to deal with a slim interest margin after a few rounds of overnight policy rate hikes.
It also aims to reduce its non-performing loan ratio to below 4 per cent this year from the current 6.7 per cent.
On the Employees Provident Fund (EPF) Account 2 Support Facility (FSA2), Nor Azam said MBSB’s financing is likely to reach RM1 billion by the end of this month from the current RM900 million
He said the bank is looking forward to rolling out phase 2 of the facility, which is set to cover applicants 40 years and below.
Applications for the FSA2 Phase 1, which opened on April 7, 2023, will close on April 6, 2024. – BERNAMA
