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MARKET • 23/07/2026 04:18 PM

MBSB Group Divests 100 Pct Stake In MIDF Amanah Asset Management

KUALA LUMPUR, July 23 (Bernama) -- MBSB Bhd via its wholly owned subsidiary Malaysian Industrial Development Finance Bhd has divested its 100 per cent equity interest in MIDF Amanah Asset Management Bhd (MAAM) to Tortoise Works Sdn Bhd.

In a statement, the financial services group said the divestment is consistent with its transformation strategy to sharpen focus on its core businesses and is not expected to have any material financial impact.

MBSB group chief executive officer Rafe Haneef said MAAM has built a respected name over 34 years and is now embarking on its next chapter of growth.

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Meanwhile, Tortoise Works director Shan Kamahl Mohammad said the company is committed to preserving MAAM’s proud heritage while pursuing sustainable growth, disciplined governance, and strong investment outcomes.

The divestment was approved by the Securities Commission Malaysia on July 9, 2026, following which the transaction was completed today, said MBSB.

-- BERNAMA

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