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DATE: 19 FEBRUARY 2018
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THE STOCK : MBSB
MALAYSIA BUILDING SOCIETY BERHAD
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Current Price : RM1.19
Target Price : 1st - RM1.30
2nd - High TP will release to SGT
Warrant : Join SGT to find which CW's on spot to go higher
DONT MISS THIS STOCK AS A GEM!!!
This stock in our radar and
expect to move higher this month and ready to test cross again RM1.30.
Success to do so, will bring it higher to test Kim's next level point
very soonest [GEM LEVEL].
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WHAT KIM SAY?
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"While
they had strengthened market position in financing government contracts
and projects especially the affordable housing, they are pleased to
note that the new foray in SME segment continued to show promising
results since the offer of equipment financing began two years ago.
Revenue growth was four fold from previous year, partly contributed by
their new market presence in the Nor thern and Southern regions". - Kim Spartan
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THE PROFILE
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The origin of Malaysia Building Society
Berhad (MBSB) can be traced back to the Federal and Colonial Building
Society Limited incorporated in 1950. In 1956, it changed its name to
Malaya Borneo Building Society Limited (MBBS), with the Malaysian
government as its major shareholder.
MBBS was then listed on the Stock Exchange of Malaya and Singapore in August 1963. The company became an incorporation in Malaysia under the Companies Act 1965 on 17 March 1970, before it was listed on the Kuala Lumpur Stock Exchange now Bursa Malaysia on 14 March 1972. The Employees Provident Fund (EPF) is currently the financial holding company of MBSB.
MBSB was defined as a Scheduled Institution under the repealed Banking and Financial Institution Act 1989 (BAFIA). The status of an Exempt Finance Company was granted to MBSB on 1 March 1972 by the Ministry of Finance and the status has remained since. This allows MBSB to undertake a financing business in the absence of a banking license.
Under Section 272 (a) of the Financial Services Act 2013, exemptions granted under the BAFIA are deemed to have been granted under the corresponding provision of the Financial Services Act 2013 and shall remain in full force and effect until amended or revoked. As a financial provider, MBSB offers a spectrum of innovative financial products and services for both individuals and corporates throughout its branches nationwide.
MBBS was then listed on the Stock Exchange of Malaya and Singapore in August 1963. The company became an incorporation in Malaysia under the Companies Act 1965 on 17 March 1970, before it was listed on the Kuala Lumpur Stock Exchange now Bursa Malaysia on 14 March 1972. The Employees Provident Fund (EPF) is currently the financial holding company of MBSB.
MBSB was defined as a Scheduled Institution under the repealed Banking and Financial Institution Act 1989 (BAFIA). The status of an Exempt Finance Company was granted to MBSB on 1 March 1972 by the Ministry of Finance and the status has remained since. This allows MBSB to undertake a financing business in the absence of a banking license.
Under Section 272 (a) of the Financial Services Act 2013, exemptions granted under the BAFIA are deemed to have been granted under the corresponding provision of the Financial Services Act 2013 and shall remain in full force and effect until amended or revoked. As a financial provider, MBSB offers a spectrum of innovative financial products and services for both individuals and corporates throughout its branches nationwide.
- MBSB has been granted with an exemption under Section 7(4) of the Borrowing Companies Act 1969 (BCA).
- As a result of the change from BCA to Finance Companies Act (FCA), all references to borrowing business and borrowing company were to be construed respectively as finance business and finance company.
- The FCA was later repealed by Banking and Financial Institutions Act 1989 (BAFIA)
- The BAFIA has been repealed and replaced with FSA 2013
- On 6 November 2017, MBSB entered into the Share Purchase Agreement with the shareholders of Asian Finance Bank Berhad (“AFB/Vendors”) for the proposed acquisition by MBSB of the entire equity interest in AFB for an aggregate purchase consideration of RM644,952,807.66 to be satisfied by way of cash amounting to RM396,894,036.26 and the issuance of 225,507,974 Consideration Shares at an issue price of RM1.10 per Consideration Share (“the Acquisition”).
- The Acquisition was approved by the shareholders of MBSB on 23rd January 2018. The shareholders also approved the transfer of Shariah Compliant Assets and Liabilities of MBSB to AFB via a Members’ Scheme of Arrangement.
-
Pursuant to the abovesaid approval and
upon completion of the transfer of shares and the payment of the balance
of the purchase consideration to the Vendors , AFB became a wholly
owned subsidiary of MBSB on 7 February 2018.
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THE KEYNOTE
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MBSB - Malaysia Building Society Berhad (“MBSB”) has successfully completed the legal acquisition of Asian Finance Bank Berhad (“AFB”) as of 7 February 2018; AFB is now a wholly-owned subsidiary of MBSB. The MBSB and AFB merger is expected to leverage on the strength of MBSB’s business and the banking license held by AFB is anticipated to transform the merged entity into a full-fledged Islamic bank in Malaysia that offers Islamic universal banking services to both retail and wholesale banking customers such as, amongst others, deposit taking without restrictions, wealth management, foreign exchange, investment banking, debt capital management and trade finance. The Islamic bank’s proposed provision of a full spectrum of Islamic banking products is in line with MBSB’s roadmap to transform into a full-fledged financial institution.
MBSB -
Malaysia Building Society Bhd (MBSB) is planning to rollout up to RM700
million in financing for the development of eight more Federal
Territories Affordable Housing (Rumawip) projects.
MBSB -
Malaysia Building Society Bhd(MBSB) is a step closer of becoming a
full-fledged Islamic bank with the completion of its proposed merger
with Asian Finance Bank Bhd (AFB) expected by end of March. It’s
president and chief executive Datuk Seri Ahmad Zaini Othman said more
than three quarter of the integration process has been completed and
expect the merger to be finalised by end-March. The merger would result
in MBSB becoming the financial holding company of AFB and a with a new
name for the merged entity.
MBSB -
Malaysia Building Society Bhd(MBSB) said Asian Finance Bank (AFB) is
now a wholly owned subsidiary after it acquired all shares in the bank
for RM644.95mil.
MBSB -
Malaysia Building Society Bhd(MBSB) is a step closer of becoming a
full-fledged Islamic bank with the completion of its proposed merger
with Asian Finance Bank Bhd (AFB) expected by end of March. It’s
president and chief executive Datuk Seri Ahmad Zaini Othman said more
than three quarter of the integration process has been completed and
expect the merger to be finalised by end-March. The merger would result
in MBSB becoming the financial holding company of AFB and a with a new
name for the merged entity.
MBSB -
Malaysia Building Society Bhd (MBSB) has appointed its president and
chief executive officer (CEO) Datuk Seri Ahmad Zaini Othman as the CEO
of newly-acquired Asian Finance Bank Bhd (AFB). Apart from Ahmad Zaini,
MBSB said in a Bursa Malaysia filing that its chairman and
non-independent non-executive director (NINED) Tan Sri Abdul Halim Ali
will assume the same position in AFB as well.
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THE FINANCIAL
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