KUALA LUMPUR (June 13): Malaysia Building Society Bhd (KL:MBSB) shares will be traded under its new name, MBSB Bhd, effective next Tuesday (June 18).

The stock number and stock short name remain unchanged, the group said in a bourse filing on Thursday.

MBSB is the holding company of MBSB Bank Bhd, Malaysia’s second-largest standalone Islamic bank.

In a circular to shareholders on April 30, the group said it has been classified as a financial holding company after stopping new business activities and transferring all shariah-compliant operations to MBSB Bank, along with acquiring Malaysian Industrial Development Finance Bhd (MIDF) in October 2023.

“Thus, the board is of the view that the company’s existing name no longer reflects the current nature of the business [or] the company’s position as a building society,” the group said, adding that the proposed name change aims to leverage the established goodwill of the brand.

The group added that the proposed name, MBSB Bhd, was approved by Companies Commission Malaysia (CCM) on March 29, and that shareholders who attended the annual general meeting on June 6 voted in favour of the change.

Shares in MBSB gained 2.5 sen or 2.81% on Thursday, closing at 92 sen, valuing the company at RM7.48 billion.