KUALA LUMPUR (Dec 23): DRB-Hicom Bhd is seeking from Bank Negara Malaysia (BNM) a one-month extension to conclude the negotiations of the proposed merger between Bank Muamalat Malaysia Bhd and Malaysia Building Society Bhd (MBSB).

In a filing with Bursa Malaysia today, DRB-Hicom said it has submitted an application to BNM for an extension of time from Dec 30, 2015 to Feb 2, 2016 for the parties to conclude the negotiations.

"DRB-Hicom has also been informed that MBSB has also made (a) similar application to BNM on the same day," it added.

On Oct 2, the central bank gave MBSB and Bank Muamalat the approval to begin merger talks, a move that reportedly would pave the way for the creation of the country's biggest stand-alone Islamic bank.

DRB-Hicom took over Bank Muamalat in 2008.

DRB-Hicom shares gained five sen or 4.07% to end the day at RM1.28, bringing its market capitalisation to RM2.38 billion.

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