as a result of the merger, which will be done via a share swap, Permodalan Nasional Bhd (PNB) will end up with a majority stake of over 60% in the merged entity The balance equity will be held by the Saudi Arabia-based Al Rajhi Bank, which wholly owns its local entity.Al Rajhi Bank is the world’s largest Islamic lender by assets.
PETALING JAYA: After two extensions, Malaysian Industrial Development Finance Bhd (MIDF) has finally submitted its proposal to merge with Al Rajhi Banking & Investment Corp (M) Bhd to the central bank.
According to sources, the proposal was sent in on Wednesday, two days ahead of the Sept 27 deadline.
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