Bank Islam CEO: Details of five-year post-restructuring plan to be revealed on Wednesday

Bank Islam CEO: Details of five-year post-restructuring plan to be revealed on Wednesday
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KUALA LUMPUR (April 17): Bank Islam Malaysia Bhd’s parent company BIMB Holdings Bhd is on track to complete its restructuring in August and will reveal details of its five-year post-restructuring plan on Wednesday.

“Further updates on the restructuring status, the post-restructuring plan and the way forward for the financial services group will be revealed next week on April 21 (Wednesday),” Bank Islam chief executive officer (CEO) Mohd Muazzam Mohamed told reporters on the sidelines of the bank's AMAL Ihtimam Ramadan Bank Islam 2021 programme today.

To recap, BIMB Holdings is in the midst of a restructuring exercise that will see Bank Islam taking over its Main Market listing status.

On Tuesday, the group disclosed that it will issue 222.22 million new shares, representing 12% of its issued share capital, under its private placement exercise that would raise RM795.6 million.

Lembaga Tabung Haji is the controlling shareholder of BIMB Holdings with a 53.14% stake, followed by the Employees Provident Fund or EPF (12.24%), Permodalan Nasional Bhd or PNB (10.93%), Yayasan Pelaburan Bumiputra (5.07%) and Retirement Fund (Incorporated) or KWAP (2.65%).

Meanwhile, in conjunction with Ramadan this year, Bank Islam has allocated about RM174,000 for social welfare programmes to benefit people from all walks of life, including Covid-19 frontliners such as members of the media who deliver the latest news to the public.

"This year, we are collaborating with Masjid Jamek Kampung Baru, Kuala Lumpur, which is synonymous with the activity of preparing and distributing bubur lambuk during Ramadan. More than 3,000 packets of bubur lambuk will be provided through gotong-royong efforts by the mosque’s committee members and Bank Islam volunteers for distribution to uniformed personnel and the public in the Kuala Lumpur area today,” he said.

Bank Islam also donated RM5,000 in zakat (tithe) to the mosque for the benefit of the local community.

“In the spirit of shared prosperity, 15 selected asnaf (people entitled to receive zakat) around the Kampung Baru area will each receive contributions worth RM300, comprising food items and cash, on the same day.

“It is hoped that our humble effort can bring happiness to them and ease their burden. Bank Islam will continue to strive to assist those affected by the Covid-19 pandemic,” he added.