PETALING JAYA, July 23 — 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.
The sale, executed through MBSB’s wholly-owned subsidiary Malaysian Industrial Development Finance Berhad (MIDF), aligns with the group’s broader transformation strategy.
MBSB said the divestment is not expected to have any material financial impact on the group.
“Sharpening our focus on core banking means being deliberate about what sits outside it,” said Rafe Haneef, Group Chief Executive Officer of MBSB.
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.
Shan Kamahl Mohammad, director of Tortoise Works, expressed commitment to preserving MAAM’s heritage while pursuing sustainable growth and disciplined governance.
He thanked MIDF and MBSB for their professionalism throughout the process, noting the opportunity to become the next steward of the established firm.
The transaction was completed today, following approval from the Securities Commission on July 9.
