Malaysia Building Society Bhd (MBSB) announced that it has been granted an extension of time to Jan 5, 2023 by Bank Negara Malaysia (BNM) to conclude negotiations with Permodalan Nasional Bhd (PNB) for the possibility of 100 per cent shareholding in Malaysian Industrial Development Finance Bhd (MIDF).

In a filing to Bursa Malaysia yesterday, MBSB said further details on the proposed transaction will be announced in due course.

In an earlier announcement on April 6, MBSB said BNM had given the green light for it to enter into discussions with PNB to explore the possibility of undertaking the acquisition of 100 per cent shareholding in MIDF held by PNB.

It noted earlier that BNM’s approval was valid for a period of six months from the date of the letter.  — BERNAMA