|Description||ACQUISITION OF THE 100% SHAREHOLDING IN MALAYSIAN INDUSTRIAL DEVELOPMENT FINANCE BERHAD ("MIDF") WHICH IS HELD BY PNB ("PROPOSED TRANSACTION").|
Reference is made to the Company’s announcements dated 6 April 2022, 22 April 2022, 30 September 2022, 5 October 2022 and 21 October 2022 in relation to the Proposed Transaction (“Earlier Announcements”).
Unless otherwise stated, all defined terms in this announcement shall carry the same meanings as defined in the Earlier Announcements.
Pursuant to the commercial arrangement of Employees Provident Fund Board (“EPF”) and PNB in a joint venture company, PNB may be deemed a person connected to EPF, and EPF is a major shareholder of MBSB, the Proposed Transaction may be deemed a related party transaction (“RPT”).
In this relation, the Company had on 8 July 2022 submitted an application to Bursa Malaysia Securities Berhad (“Bursa Securities”), to seek waiver from (i) categorizing EPF and PNB as persons connected for the Proposed Transaction, and (ii) the Proposed Transaction being regarded as a RPT under the Main Market Listing Requirements (“Listing Requirements”) (“Waiver Application”). The Company had on 27 September 2022 submitted an appeal to Bursa Securities for the Waiver Application which was rejected on 12 August 2022 (“Appeal”).
On behalf of the Board, AmInvestment Bank Berhad wishes to announce that Bursa Securities had vide its letter dated 10 November 2022, allow the Appeal, subject to the following conditions:-
This announcement is dated 10 November 2022.
|Company Name||MALAYSIA BUILDING SOCIETY BERHAD|
|Date Announced||10 Nov 2022|
|Category||General Announcement for PLC|