KUALA LUMPUR: Malaysia Building Society Bhd (MBSB) has obtained approval from Bank Negara Malaysia (BNM) to commence negotiations for the proposed acquisition of Malaysian Industrial Development Finance Bhd (MIDF).

       "We are pleased to announce that BNM had, vide its letter dated April 6, stated that it has no objection for MBSB to enter into discussions with Permodalan Nasional Bhd (PNB) to explore the possibility of undertaking an acquisition of 100 per cent shareholding in MIDF, which is held by PNB," it said in a stock exchange filing with Bursa Malaysia.

       MBSB said BNM’s approval was valid for a period of six months from the date of its letter.

       "Further details on the proposed transaction will be announced in due course," it added.

       At 12.30 pm, MBSB rose one sen to 61 sen with 3.88 million shares changing hands. - Bernama