We continue to load up MBSB before it’s right issue

1. We think MBSB in any path will become one of the largest Islamic bank.

2. Currently NPL 80% is recoverable and may re-write back as profit.

3. EPF is the largest holder with CMY holding more than 70%.  If not due to regulation EPF can buy out the whole company easily.

4. Still the best lender for government servants with direct deduction from source.

5. A banking license in progress in merger or direct application.  Cost of funds lower and higher valuation in future.

6. Right issue will be two calls where one will be paid by reserve of company.

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