MBSB Bhd has completed the sale of its full equity interest in MIDF Amanah Asset Management Bhd to Tortoise Works Sdn Bhd, a firm led by MAAM’s own chief executive. The transaction, approved by the Securities Commission Malaysia on July 9, 2026, and completed on July 23, 2026, forms part of MBSB’s strategy to concentrate on its core banking operations.
Key Facts At A Glance
- MBSB Bhd, through its wholly owned subsidiary Malaysian Industrial Development Finance Bhd, divested its 100 percent equity interest in MIDF Amanah Asset Management Bhd (MAAM)
- Buyer is Tortoise Works Sdn Bhd, a Kuala Lumpur based consultancy incorporated in 2018
- The deal is a management buyout led by MAAM chief executive officer Shan Kamahl Mohammad, who holds an effective 75.8 percent stake in Tortoise Works
- Securities Commission Malaysia approved the transaction on July 9, 2026; it was completed on July 23, 2026
- Financial terms were not disclosed, and MBSB says the deal is not expected to have a material financial impact on the group
- MAAM has operated for 34 years in Malaysia’s asset management industry
- MBSB originally acquired MAAM in October 2023 as part of a RM1.01 billion takeover of MIDF from Permodalan Nasional Bhd
- MBSB shares closed down 0.78 percent at 63.5 sen on the day the deal was completed, valuing the lender at about RM5.22 billion
A Management Buyout Completes
MBSB Bhd, Malaysia’s second largest standalone Islamic bank after Bank Islam Malaysia Bhd, confirmed it has divested its entire stake in MIDF Amanah Asset Management Bhd to Tortoise Works Sdn Bhd. The move settles earlier reporting that pointed to a management buyout in progress since May 2026, with MAAM’s own chief executive, Shan Kamahl Mohammad, at the center of the deal. Tortoise Works is controlled largely by Shan Kamahl, who holds a direct 45 percent stake plus an indirect interest through Atticus Capital Managers Sdn Bhd, giving him an effective 75.8 percent stake in the acquiring entity.
Regulatory Clearance And Financial Terms
The Securities Commission Malaysia approved the divestment on July 9, 2026, and the transaction was completed roughly two weeks later, on July 23, 2026. MBSB has not disclosed the value of the transaction, and the group said the sale is not expected to carry a material financial impact. The disposal comes less than two years after MBSB brought MAAM into its fold through its RM1.01 billion acquisition of MIDF from state investment fund Permodalan Nasional Bhd in October 2023.
Strategic Rationale And Market Reaction
MBSB group chief executive officer Rafe Haneef said the divestment reflects a deliberate effort to sharpen focus on core banking activities. He credited MAAM’s 34 year track record in asset management and wished the business well under new ownership. Tortoise Works director Shan Kamahl said the firm is committed to preserving MAAM’s heritage while pursuing sustainable growth and disciplined governance. MBSB shares dipped slightly on the day the deal closed, part of a broader decline that has left the stock down nearly 10 percent so far in 2026.