KUALA LUMPUR (Oct 2): Permodalan Nasional Bhd (PNB), through its unit Pelaburan Hartanah Nasional Bhd (PHNB) which manages Amanah Harta Tanah PNB (AHP), has entered into a conditional share sale agreement with Malayan Banking Bhd (Maybank) to acquire the latter’s 30% stake in PHNB.

PNB had on Oct 13, 2000, sold 30% of PHNB to Maybank, which it said then was in line with the government’s directive for consolidation of the financial services industry and strengthen the industry to face these challenges.

PNB, who is also a major shareholder in Maybank, presently has a 70% stake in PHNB.

Upon the completion of the proposed acquisition, which is subject to the approval by the Securities Commission, PNB will hold the entire issued and paid-up capital in PHNB, AHP’s filing to Bursa Malaysia today read.