The five subsidiaries had collective negative net liabilities totalling RM1.105 billion, says the group.
Malaysia Building Society is divesting itself of direct stakes in non-financial service entities to become a pure investment holding company.
As of the end of 2022, the five companies – MBSB Development Sdn Bhd, Prudent Legacy Sdn Bhd , MBSB Properties Sdn Bhd, 88 Legacy Sdn Bhd, and Definite Pure Sdn Bhd – had collective negative net liabilities totalling RM1.105 billion. This decision follows a previous scheme of arrangement undertaken by MBSB in 2018, coinciding with its acquisition of Asian Finance Bank, which is now known as MBSB Bank Bhd.MBSB has secured a vesting order to identify residual conventional financial assets and liabilities and non-financial subsidiaries, which will be disposed of to third parties.
Emerald Unity was established as an SPV to hold the residual assets and liabilities following the execution of the proposed scheme. “MBSB is regarded as still retaining substantially all the risks and rewards of the assets’ ownership,” it said.
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