Malaysia's central bank succeeded in preventing another run on MBf Finance yesterday, the country's largest finance house, following the death of MBf Holdings group president Loy Hean Heong.
However, shares in MBf Capital, MBf Finance's listed parent, still tumbled, shedding 35 cents to M$1.43 (about HK$3.16) in Kuala Lumpur and 12.5 Singapore cents to a new year-low of 66 cents (about HK$3.19) in over-the-counter trading in Singapore.
More importantly for Bank Negara though, no significant withdrawals of deposits were reported in stark contrast to September's panic run when a false rumour that Mr Loy had died broke out.
Tan Mong Sing, MBf's corporate services president, said: 'Everything is normal . . . It is important [to say] that everything is fine.' Mr Tan also moved to dismiss takeover rumours.
'We are not aware of any. If anything, we will look to take over [someone else],' he said. 'We are really looking to become long-term players.
'We want to create mini MBf Capitals across the region.' Bank Negara Malaysia yesterday proved itself well prepared to avoid a repeat of September's panic.