Conversion of PNB stake to i-shares possible with conditions
Published on: Thursday, August 31, 2017
Kuala Lumpur: Malayan Banking Bhd (Maybank) is in the midst of discussion on the proposal to convert Permodalan Nasional Bhd's 20 per cent shares in the bank into Islamic shares (i-shares) with some conditions.Group President and Chief Executive Officer, Datuk Abdul Farid Alias, said the matter was still premature and any decision to be made should be right and favourable to the shareholders."We thought the idea is quite interesting," he said after announcing the Group's first-half financial results here yesterday.
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PNB currently owns a 48 per cent stake in Maybank.Earlier this month, PNB Group Chairman, Tan Sri Abdul Wahid Omar proposed that 20 per cent of the group's shares could be designated as i-shares, a way to boost and promote Islamic capital market further."The danger of going through this path (convert PNB's share) is that we don't want to create different classes of shares, neither do we want to create a subsidiary as well."We don't intend to do that," he added.
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He also said that Maybank had no plans to list its Islamic arm.Stay up-to-date by following Daily Express’s Telegram channel.
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"So, that model has worked and that is what's best for our customers as well," he added. – Bernama
