Posted by musangfoxking > 2017-06-20 15:25 | Report Abuse

sohai talking

Posted by yhc9618 > 2017-06-20 15:42 | Report Abuse

Qatar crisis could make MBSB-AFB merger a reality

EXPECTATIONS are running high that shareholders of Asian Finance Bank Bhd will agree to a sale of the Islamic bank to Malaysia Building Society Bhd (MBSB) ahead of a looming June 21 deadline.

According to sources, the crisis currently unfolding in Qatar — a result of Saudi Arabia and other Gulf countries cutting diplomatic ties with it — has put additional pressure on AFB’s largest shareholder, Qatar Islamic Bank (QIB), to sell its 66.67% stake.

The proposed plan involves MBSB buying AFB’s assets and liabilities in a deal that values the latter at a price-to-book value (PBV) of between 1.2 and 1.5 times, one of the sources says.

At this point, just two of AFB’s four Middle East shareholders — QIB and Financial Assets Bahrain WLL (6.67%) — have indicated they want to exit; the other two — RUSD Investment Bank Inc (16.67%) and Tadhamon International Islamic Bank (10%) — want shares in the enlarged banking entity, the source says.

As such, it is expected to be a deal that involves both cash and shares, with shares going to the shareholders that want to stay.

“Now, it’s just a matter of waiting for confirmation [from AFB] on pricing. That’s the only piece of information that’s needed before the parties can make their submissions to Bank Negara Malaysia. They expect to do it before the deadline,” the source tells The Edge.

Bank Negara on Dec 21 last year, gave the green light for MBSB, which is 60%-owned by the Employees Provident Fund (EPF), and AFB to hold merger talks. It allowed them six months to complete negotiations — hence, the June 21 deadline.

A merger of the two would create the country’s second largest standalone Islamic bank with total assets of RM47.81 billion, after Bank Islam Malaysia Bhd (RM53.5 billion).

It was initially expected that submissions would be made to Bank Negara last month, but AFB’s shareholders have been slow in responding on the pricing issue, the source says.

Nonetheless, there seems to be a strong degree of confidence that the MBSB-AFB merger will happen. “Given the crisis, if QIB doesn’t sell, how is it going to work together with the other Middle Eastern shareholders? As it is, they didn’t get along even before. It’s unlikely QIB will want to pump in more capital. And if QIB, as the big shareholder, sells, the others don’t really have a choice. That’s why I think this deal will happen,” an industry source points out.

QIB’s single largest shareholder is the Qatar Investment Authority. Last Monday, Saudi Arabia, Bahrain, Egypt and the United Arab Emirates cut diplomatic ties with Qatar, citing the latter’s support for Islamist groups as the reason. They have already cut air traffic to the small Gulf Arab state.

QIB had earlier already been unhappy with AFB’s other shareholders because it does have control over AFB despite its large stake, due to certain controversial provisions in a shareholders’ agreement. One of QIB’s frustrations is that it gets only one vote at AFB’s shareholder meetings, the same as each of the other three shareholders.

QIB and two other shareholders currently do not have any board representation at AFB, whereas before, they had as many as four. This is an indication that they are serious about selling their stakes, industry observers say.

After a long period without a CEO, AFB appointed Khalid Mahmood Bhaimia — former head of RHB Islamic Bank — to head the institution effective on March 21. Sources, however, indicate that he is on a short contract.

This is the second ongoing proposed banking merger involving the EPF. AMMB Holdings Bhd and RHB Bank Bhd, in which EPF is a common shareholder, obtained the central bank’s approval two weeks ago to start merger talks.

Non-bank lender MBSB is by far larger than AFB, with assets of RM45.27 billion as at end-2016 compared with AFB’s RM2.54 billion as at end-September last year. The main reason it is keen on acquiring AFB is to obtain the latter’s Islamic banking licence.

MIDF Research, in a report late last year, noted that since Malaysia’s banking sector has been trading below its five-year historical PBV of 1.3 times to 1.5 times, it would be fair for MBSB to pat 1.1 times to 1.2 times AFB’s nine-month book value of RM500.1 million for FY2016, to obtain a full banking licence. This would translate to a price of about RM550 million to RM600 million.

“While the expansion of profits and assets is likely to be immaterial, the proposed merger will benefit MBSB in another way. The full banking licence will enable MBSB to tap into new financial services segments which it cannot offer at the moment [such as trade facilities, collecting current account and savings account deposits, and offering other interbank instruments] to expand the business,” the research house said.

It all boils down to the parties agreeing on pricing now.

Working out a deal with AFB can be complicated because of the multiple sharehoQatar crisis could make MBSB-AFB merger a rea

Posted by Force > 2017-06-20 18:02 | Report Abuse

BNM fail the merger, everything sure gone. Don't too positive... only move a litter bit

Posted by faz2623 > 2017-06-20 18:10 | Report Abuse

force again。。。。。

Posted by ImCK > 2017-06-20 18:11 | Report Abuse

kwsp is holding heavy position in this mbsb
i cant see any reason for bank negara say no
kwsp win benefit to them also because they also have kwsp account

Posted by faz2623 > 2017-06-20 18:12 | Report Abuse

i think force is not a investor ,he just try to find somebody argue here

Posted by LOO99 > 2017-06-20 19:11 | Report Abuse

Ha..ha force the tanjung rambutan man forgot taking his medicine again. Now he is aimless walking around

Posted by G-boy > 2017-06-20 19:21 | Report Abuse

i like force...always stand at his point. haha..luckily he not head of bnm..
force is a loser in real life. haha

Posted by musangfoxking > 2017-06-20 19:24 | Report Abuse

head of BNM? how can a nonbrainer be!!! kikikiki

Posted by LOO99 > 2017-06-20 19:26 | Report Abuse

Yes..force is hopeless man. Never get up from past failure. Now his mind is full of fail..fail2..He is in the dark never see the light at the end of the tunnel. Actually he need a psy doctor to help him. Just pity him

Posted by cyeec2000 > 2017-06-20 19:28 | Report Abuse

Bank negara advocated banking consolidation and EPF is major shareholder in mbsb, the odds for cancellation is too small..force would be missed another chance

Posted by AKUMAUKAYA > 2017-06-20 21:08 | Report Abuse

Forget about Force, he/she is stirring up the emotion and looking for attention...just ignore him/her until he/she is certified sober....

Posted by dxmovie > 2017-06-21 08:10 | Report Abuse

Today the show continues?

Posted by kevinobc > 2017-06-21 09:38 | Report Abuse

http://english.astroawani.com/business-news/mbsb-aims-create-second-largest-islamic-bank-afb-146814

Posted by kevinobc > 2017-06-21 09:39 | Report Abuse

MBSB seeks BNM nod on AFB merger plans Posted on 20 June 2017 - 10:40am Lee Weng Khuen sunbiz@thesundaily.com Print PETALING JAYA: Malaysia Building Society Bhd (MBSB) has applied to Bank Negara Malaysia (BNM) for approval from the central bank and/or the Finance Ministry for its proposed merger with Asian Finance Bank Bhd (AFB). MBSB had in last December received nod for talks on the merger plan. “Further announcements shall be made upon receipt of the decision from BNM,” MBSB said in a filing with the stock exchange yesterday, without giving any further details of its plans. This is the furthest MBSB has managed to proceed with its merger plans after two failed proposed corporate exercises with Bank Muamalat in 2016 , and a three-way merger with CIMB Group Holdings Bhd and RHB Capital Bhd in 2015. The proposed merger will create the second largest Islamic bank in the country with total assets of around RM48 billion. MBSB aims to become an Islamic financial institution by 2020 through its merger with AFB. The full bank licence will allow MBSB to tap into new financial services segments which it cannot offer at the moment, such as trade facilities, collecting current account savings account (CASA) deposits and offering other interbank instruments to expand its business. AFB, a full-fledged Islamic bank that was incorporated in Nov 28, 2005, has a branch each in Kuala Lumpur and Johor Baru as well as a representative office in Jakarta, Indonesia according to its website. Analysts have expected that the deal would translate into a price of about RM550 million to RM600 million, based on 1.1 to 1.2 times premium of AFB’s nine-month book value of RM500.1 million for FY16. Merger talks have included negotiations with AFB’s Middle East shareholders – namely Qatar Islamic Bank (66.67%), RUSB Investment Bank Inc (16.67%), Tadhamon International Islamic Bank (10%) and Financial Assets Bahrain WLL (6.67%). The Employees Provident Fund (EPF) is the single largest shareholder of MBSB with a 65.28% stake.

Posted by terrytsp > 2017-06-21 09:58 | Report Abuse

30 major shareholders such as EPF and other big banks already owned 85% of the company shares. Only 15% =86mil shares left for the public to buy. Haha. See the shareholdings. http://mbsb.listedcompany.com/shareholdings.html

Posted by xexlone > 2017-06-21 11:00 | Report Abuse

climb 1c oso difficult....

Posted by musangfoxking > 2017-06-21 11:05 | Report Abuse

down 1c oso difficult....

Posted by LOO99 > 2017-06-21 12:12 | Report Abuse

retailers cant move the price..but with institutional fund action will move the price easly when something positive happen. With full fledge banking, mbsb will climb to 3.00 in 2 years..

Posted by socaisocai > 2017-06-21 13:37 | Report Abuse

BNM already approve MBSB and AFB to discuss the merger.. now merger is done deal..MBSB just officially sent the application to BNM to proceed the next step. everything is well planned already.. cheapest Bank share in Msia RM1.30++ where to find!

Posted by musangfoxking > 2017-06-21 14:12 | Report Abuse

in Bursa lah!

Posted by Bulat > 2017-06-21 14:31 | Report Abuse

i still yet to see the annou. where to you get this approval infor. pls advise

Posted by AKUMAUKAYA > 2017-06-21 14:48 | Report Abuse

Approved to discuss only, the real merge still in the BNM's hands.....

Posted by newbie1234 > 2017-06-21 15:29 | Report Abuse

Tomorrow once money enter acc.. use the money to enter.

Posted by terrytsp > 2017-06-21 15:38 | Report Abuse

Market red is the best. Shopping time.

Posted by Cornerstone > 2017-06-21 15:40 | Report Abuse

really ah?? buy more pls...

Posted by aliyusof > 2017-06-21 17:04 | Report Abuse

Price holding on quite well. Surely there are weak or speculative retail investors who are in and out of market quickly, a normal thing. To make good profit, need the patience to hold for a while. Very confident this time is on.

Posted by Bulat > 2017-06-21 17:16 | Report Abuse

I want buy all but No more money. Mbsb CAn lend to me or not

Posted by Money > 2017-06-21 22:03 | Report Abuse

Tomorrow dividend payment.

Posted by sitia > 2017-06-21 22:37 | Report Abuse

Yes, but don't know will MBSB escalate. Usually it drops on technical.

Posted by WM Niaga > 2017-06-22 08:41 | Report Abuse

1.45 coming...

Posted by WM Niaga > 2017-06-22 09:00 | Report Abuse

olrite.....dividen mbsb olready in dbank!!

Posted by Zuiseng > 2017-06-22 09:05 | Report Abuse

股息换成股票，几时会计算进我们的户口？请问这里有谁知道吗？

Posted by kayne285 > 2017-06-22 09:44 | Report Abuse

Share allotment is today right?

extracted from the DRP statement

In respect of Step 6, Shareholders should note that the cash payment and share allotment would occur on the same day, which shall be within one (1) month from the Books Closure Date and in any event, within three (3) months from the date of the declaration of the Dividend or the date on which the approval is obtained in a general meeting of the Company, whichever is applicable.

Posted by yingchai > 2017-06-22 10:15 | Report Abuse

so the price will go up or down?

Posted by Bulat > 2017-06-22 10:37 | Report Abuse

Up

Posted by yingchai > 2017-06-22 11:17 | Report Abuse

But the price is moving downtrend. should buy now or wait and see 1st.,

Posted by Foon Lian Way > 2017-06-22 11:21 | Report Abuse

wait and see ... no power up

Posted by newbie1234 > 2017-06-22 12:09 | Report Abuse

1.33 / 1.34 good entry price.

Posted by amyvoon > 2017-06-22 12:18 | Report Abuse

what is the tp

Posted by newbie1234 > 2017-06-22 12:26 | Report Abuse

Next 1.45

Posted by meistsk3134 > 2017-06-22 13:05 | Report Abuse

mbsb will not up till merge happen

Posted by Bulat > 2017-06-22 14:02 | Report Abuse

share price up and down is depending on investor hand

Posted by geoffreylee > 2017-06-22 19:33 | Report Abuse

when is the DRP Share allotment?

Posted by stock_hunt > 2017-06-22 20:42 | Report Abuse

washing out weak hands and holders..strong hands hold till merge to huat big

Posted by wilsonchan87 > 2017-06-23 13:25 | Report Abuse

today just get DRP share alloted. :)

Posted by Force > 2017-06-23 16:56 | Report Abuse

If merger fail then how? Don't so confident pass la.... BNM still not acceptr

Posted by LOO99 > 2017-06-23 19:18 | Report Abuse

Happy..got dividen n drp credited to acc..

Posted by wwq84999 > 2017-06-23 20:08 | Report Abuse

Why I still not receive my dividen...All sifu can tell

Posted by Yippy68 > 2017-06-24 03:47 | Report Abuse

force, if merger fail then how? we cry loud loud la, and you laugh loud loud la, haha.. who know it turn to be the other way round...hehe