[ Laman Ehwal Semasa ReformIS ]
Date: 15 Aug 1999
Time: 20:24:17
Remote User: -
Malaysia's central bank to revoke control of MBf Finance Sunday
KUALA LUMPUR, Aug 14 (AFP) - Malaysia's central bank on Saturday said it would end control of MBf Finance Bhd. following completion of a capital injection exercise by the country's bank recapitalisation agency.
"MBf Finance Bhd. has been recapitalised by Danamodal Nasional Bhd. which now owns 78 percent of the company's paid-up capital," the central bank said in a statement.
The central bank said its control on MBf Finance would end on August 15, adding a new board of directors would be responsible for its management.
MBf Finance was placed under the central's bank management control from January 4. Danamodal, an agency under the central bank had injected 1.6 billion ringgit into financially strapped MBf Finance, one of the country's largest finance companies.
Danamodal has injected 6.15 billion ringgit (1.6 billion dollars) into 10 financial institutions to clean up their bad loans.