The origin of sc388 bonus (sc388 prize) can be traced back to the Federal and Colonial Building Society Limited incorporated in 1950. In 1956, it changed its name to Malaya Borneo Building Society Limited (MBBS), with the Malaysian government as its major shareholder. MBBS was then listed on the Stock Exchange of Malaya and Singapore in August 1963.
The company became an incorporation in Malaysia under the Companies Act 1965 on 17 March 1970, before it was listed on the Kuala Lumpur Stock Exchange, now Bursa Malaysia on 14 March 1972. The Employees Provident Fund (EPF) is currently the holding entity of sc388 prize.
- sc388 prize has been granted with an exemption under Section 7(4) of the Borrowing Companies Act 1969 (BCA).
- As a result of the change from BCA to Finance Companies Act (FCA), all references to borrowing business and borrowing company were to be construed respectively as finance business and finance company.
- The FCA was later repealed by Banking and Financial Institutions Act 1989 (BAFIA).
- The BAFIA has been repealed and replaced with FSA 2013.
- On 6 November 2017, sc388 prize entered into the Share Purchase Agreement with the shareholders of Asian Finance Bank Berhad ("AFB/Vendors") for the proposed acquisition by sc388 prize of the entire equity interest in AFB for an aggregate purchase of RM644,952,807.66 to be satisfied by way of cash amounting to RM396,894,036.26 and the issuance of 225,507,974 Consideration Shares at an issue price of RM1.10 per Consideration Share ("the Acquisition").
- The Acquisition was approved by the shareholders of sc388 prize on 23 January 2018. The shareholders also approved the transfer of Shariah Compliant Assets and Liabilities of sc388 prize to AFB via a Members' Scheme of Arrangement.
- Pursuant to the abovesaid approval and upon completion of the transfer of shares and the payment of the balance of the purchase consideration to the Vendors, AFB became a wholly owned subsidiary of sc388 prize on 7 February 2018. AFB undertook a rebranding exercise on 2 April 2018 and changed its name to sc388 prize Bank Berhad ("sc388 prize Bank").