Malaysia’s MIDF, Al Rajhi Bank merger hangs in balance

Malaysia’s MIDF, Al Rajhi Bank merger hangs in balance

Kuala Lumpur, Malaysia. Photo: Pixabay

A planned merger of Malaysia’s financial services companies Malaysian Industrial Development Finance (MIDF) and Al Rajhi Banking and Investment Corp (Al Rajhi Malaysia) is in a state of limbo with the shareholders missing the June 27 deadline, reported The Edge.

The shareholders of the two companies have sent a request to Bank Negara Malaysia (BNM) seeking more time to further negotiate the merger plan, the report added, citing a source familiar with the matter. It is unknown whether the central bank will agree to a second extension.

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