This article first appeared in The Edge Malaysia Weekly on July 20, 2026 - July 26, 2026
MIDF Amanah Asset Management Bhd CEO Shan Kamahl Mohammad is a step closer to taking control of the fund manager after the Securities Commission Malaysia (SC) approved the proposed management buyout (MBO), according to people familiar with the matter.
“The approval settles the key regulatory hurdle for the transaction, paving the way for the completion of the sale of the wholly-owned asset management subsidiary of MBSB Bhd (KL:MBSB),” says one person familiar with the deal.
Shan Kamahl, who is leading the MBO, is understood to have assembled a consortium that includes prominent corporate figures. The identities of the other participants, the valuation of the deal or when it will be finalised could not immediately be confirmed.
When contacted by The Edge, Shan Kamahl did not deny having received regulatory approval for the deal but says: “For now, I am not in a position to comment. Will reach out when the timing is appropriate.”
Shan Kamahl, who has led MIDF Amanah Asset Management since October 2022, previously served as head of equity market (dealing) after joining the firm in 2021.
For context, MBSB had disclosed in its 2025 annual report that its wholly-owned subsidiary, Malaysian Industrial Development Finance Bhd (MIDF), entered into a share sale agreement with an undisclosed third party on March 11 for the proposed disposal of its entire stake in MIDF Amanah Asset Management.
At the time, the banking group said completion of the transaction was subject to SC’s approval.
The transaction marks the latest chapter in MBSB’s efforts to divest the fund manager, which it acquired as part of its RM1.01 billion purchase of MIDF from Permodalan Nasional Bhd in October 2023.
MIDF Amanah Asset Management had previously attracted interest from external buyers, reportedly including that of Australia’s Salaam Group, the country’s largest shariah-compliant wealth services provider. So far, nothing is known to have materialised from those talks.
People familiar with the earlier discussions also said MBSB’s asking price had discouraged some prospective buyers.
“Several suitors were invited to tender for the asset manager. Those firms thought it would be a good idea to gain the network of MIDF Amanah, since it is a shariah-compliant fund. But, apparently, some of those firms felt that MBSB’s asking price was not justified, given the relatively small fund size,” says the person who is familiar with the deal.
“Ultimately, the fund must give competitive returns to investors. I believe that is what the suitor has had to hash out with MBSB as the parties work towards finalising the deal,” says another person with knowledge about the matter.
MIDF Amanah Asset Management is a relatively small player in Malaysia’s fund management industry, with assets under management (AUM) of less than RM1 billion.
According to filings with the Companies Commission of Malaysia, the fund manager has posted mixed financial results in recent years. It returned to profitability in the financial year ended Dec 31, 2023 (FY2023), recording a net profit of RM1.12 million on revenue of RM10.34 million after recording losses of up to RM4.92 million in the preceding two years.
The turnaround was short-lived. In FY2024, the company slipped back into the red with a net loss of RM9.32 million on revenue of RM1.78 million.
As at Dec 31, 2024, MIDF Amanah Asset Management had total assets of RM14.71 million and liabilities of RM2.55 million, while accumulated losses stood at RM24.83 million.
As for buying a company that is loss-making and with AUM of less than RM1 billion, sources have said management remains confident that the business can be strengthened under the new ownership. It is also noteworthy that given the relatively modest size of the asset management business, the disposal is not expected to have a material financial impact on MBSB.
So far this year, shares in MBSB were 9.8% lower at 64 sen last Wednesday, valuing the financial institution at RM5.26 billion.
Other merger-and-acquisition activities between major players in recent times include Affin Bank Bhd’s (KL:AFFIN) acquisition of Pheim Asset Management Sdn Bhd for RM50 million, which was completed in April. As at March 31, Pheim AM had RM832.8 million in AUM and advisory (AUMA), serving institutional, corporate and retail clients.
Another well-known deal was Japan-linked Amova Asset Management’s acquisition of a controlling stake in AHAM Asset Management Bhd, formerly Affin Hwang Asset Management and which now operates under the AHAM Capital brand. The deal was finalised on June 30 after obtaining approvals from SC and Japan’s Financial Services Agency.
The acquisition gives Amova an additional 77.675% stake in AHAM Capital, increasing its shareholding to 97.675%. The firm has said it intends to acquire the remaining 2.325% held by AHAM Capital’s management.
AHAM Capital, which has stakes in private equity firm Bintang Capital Partners Bhd and digital wealth platform Versa Asia Sdn Bhd, said its AUM had surpassed RM100 billion as at Nov 30, 2025, “placing it among Malaysia’s three largest asset managers”.
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