This article first appeared in The Edge Malaysia Weekly on May 18, 2026 - May 24, 2026
MIDF Amanah Asset Management Bhd CEO Shan Kamahl Mohammad is leading a management buyout (MBO) bid for the company, the wholly-owned asset-management arm of MBSB Bhd (KL:MBSB), according to people familiar with the matter.
The group has submitted an application to the Securities Commission Malaysia (SC), which is currently reviewing the proposed transaction, the people say. Shan Kamahl is understood to have assembled a team that includes at least a couple of prominent corporate figures.
He could not immediately be reached for comment.
MBSB disclosed in its 2025 annual report that its subsidiary Malaysian Industrial Development Finance Bhd (MIDF) had on March 11 entered into a share sale agreement with an undisclosed third party for the proposed disposal of its entire stake in MIDF Amanah Asset Management.
“The proposed disposal is subject to the approval of the SC. As at March 17, 2026, the proposed disposal has not been completed,” the banking group said in the annual report.
“The application for the MBO was submitted to the SC a couple of months ago and approval is expected soon,” says one person familiar with the matter.
It could not immediately be determined whether other senior executives at MIDF Amanah Asset Management — including deputy CEO and head of business development Azlan Azizuddin, chief investment officer Nor Aishah Saad and director of business planning and client servicing Idawati Basir — are participating in the buyout.
The valuation being sought for MIDF Amanah Asset Management remains unclear. The company is regarded as a relatively small player in Malaysia’s asset-management industry, with assets under management of less than RM1 billion.
MBSB became the owner of MIDF Amanah Asset Management following its RM1.01 billion acquisition of MIDF from Permodalan Nasional Bhd in October 2023. The lender is Malaysia’s second-largest standalone Islamic bank after Bank Islam Malaysia Bhd (KL:BIMB).
Shan Kamahl has led MIDF Amanah Asset Management since October 2022. Before that, he served as head of equity market (dealing) after joining the firm in 2021. He has more than two decades of experience in fund management, having started his career at Aon Services Group in the US in 1999 before returning to Malaysia to join Hong Leong Assurance Bhd.
He later spent more than 16 years with the ValueCAP group, established VCAP Asset Managers Sdn Bhd, and held advisory roles at Urusharta Jamaah Sdn Bhd and Tenggara Capital Seed 1 LP. He also managed a global mixed-asset fund at Fortress Capital Asset Management.
MIDF Amanah Asset Management has previously attracted acquisition interest. The Edge reported in July last year that MBSB had been in talks to sell the unit to Salaam Group, Australia’s largest shariah-compliant wealth-services provider, though discussions reportedly collapsed because of regulatory hurdles in Australia.
People familiar with the matter say MBSB’s asking price had also deterred some prospective buyers.
According to filings with the Companies Commission of Malaysia, MIDF Amanah Asset Management has swung between profit and loss in recent years. The company returned to profitability in the financial year ended Dec 31, 2023 (FY2023), posting a net profit of RM1.12 million on revenue of RM10.34 million after losses of RM4.92 million in FY2022 and RM1.2 million in FY2021.
The company slipped back into the red in FY2024, recording a net loss of RM9.32 million on revenue of RM1.78 million.
As at end-2024, MIDF Amanah Asset Management had total assets of RM14.71 million and liabilities of RM2.55 million. Accumulated losses stood at RM24.83 million.
The proposed disposal is unlikely to materially affect MBSB, which reported a net profit of RM279.51 million on revenue of RM3.43 billion for the financial year ended Dec 31, 2025.
In its annual report, MBSB cited Bank Negara Malaysia’s projection that the country’s economy will expand between 4.0% and 4.5% in 2026, supported by resilient domestic demand, steady household spending and continued investment activity.
“A stable labour market and ongoing income growth are expected to underpin consumption, while investment activity is likely to remain robust, driven by both public and private sector initiatives, including multi-year strategic projects,” the banking group said, while cautioning that external risks remain, including weaker global trade and softer commodity production.
Last Thursday, MBSB shares closed at 68 sen, valuing the lender at about RM5.6 billion. The stock is down 4.2% so far this year.
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