Malayan Banking Bhd., or Maybank, closed the acquisition of Amanah Mutual Bhd. and Singapore Unit Trusts Ltd. from Permodalan Nasional Bhd.

Maybank, through unit Maybank Asset Management Group Bhd., had agreed in December 2017 to acquire Amanah Mutual and Singapore Unit Trusts for 16.12 million Malaysian ringgit and 34.88 million ringgit, respectively.

As part of the agreement, Permodalan Nasional will subscribe to 8,336,404 new ordinary shares of Maybank Asset Management Group, equivalent to 20% of the company's enlarged issued share capital, according to a May 17 release.

As of May 17, US$1 was equivalent to 3.97 Malaysian ringgit.