Maybank’s wholly-owned subsidiary Maybank Asset Management Group Bhd has announced the completion of the acquisition of both the fund management firms of Permodalan Nasional Bhd while Naza Group proposes to strengthen its foothold in the telecom tower business.
Maybank unit completes PNB units’ acquisition, names two new CEOs
Maybank Asset Management Group Bhd (MAMG), the wholly-owned subsidiary of Malayan Banking Bhd (Maybank), has completed its acquisitions of both Amanah Mutual Bhd (AMB) and Singapore Unit Trusts Ltd (SUTL), after securing the required regulatory approvals.
In a release today, MAMG said, it acquired 100 per cent equity interest in AMB for RM16.12 million ($4.06 million) and SUTL for RM34.88 million ($8.78 million) from Permodalan Nasional Bhd (PNB) – a stakeholder of Maybank.
The acquisitions of AMB and SUTL will increase the company’s assets under management, which has more than doubled over the last four years from RM12.6 billion ($3.17 billion) in December 2013 to RM31.3 billion ($7.88 billion) in December 2017.
MAMG also announced two transitions effective this April 25 which saw the former CEO of Maybank Asset Management Sdn Bhd (MAMSB), Badrul Hisyam Abu Bakar appointed as CEO of MAMG to oversee the regional development of Maybank’s asset management business.
He joined MAMSB in 2010 as chief investment officer before moving to become the regional head of investment in 2011 and CEO in 2014.
Naza Group plans to expand telecom tower infra
Banking on the rollout of 5G technolgoy, Naza Communications Sdn Bhd (NCSB) has proposed to set up 1,000 telecom towers across Malaysia by 2023.
NCSB currently has about 200 towers in Malaysia which totalled up to an investment of about RM20 million, reported The Star Biz.
NCSB chief executive officer Fazirul David Abdullah said, the expansion is necessary based on the demand for internet and mobility services in the country.
Fazirul added that new towers would be 5G-equipped. “We are building future-proof towers. With 5G, we will be able to offer IoT cloud-based services too,” he added.