Abang Johari: Sarawak govt won’t interfere in Affin Bank’s operations despite majority stake, focuses on dividends, growth

1 month ago 11

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By Ashley Sim

KUCHING, Sept 27: Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg has stated that the State government will not interfere in the management of Affin Bank Berhad (Affin Bank), despite being the financial institution’s largest shareholder with a 31.25 per cent stake.

Abang Johari stated that any operational matters would be left entirely to Affin Bank’s management to execute their duties effectively.

“As I mentioned earlier, although the Sarawak government holds the majority stake, we will not interfere in their management. We leave it to them to run the operations.

“However, we expect to receive dividends at the end of the year, but we will not be involved in any management decisions,” he told reporters at a press conference today after witnessing the share purchase agreement (SPA) between the Sarawak government and the Armed Forces Fund Board (LTAT) at a local hotel here.

While maintaining a non-interference policy, the Premier hinted that the State expects the bank to contribute to Sarawak’s economic development.

“The bank will participate in the development that we have in Sarawak. However, we are fair, and there are other banks also placing their interest in our economic development,” he added, reiterating that the decision-making power rests entirely with the bank’s management and board.

When asked about the possibility of rebranding the bank to reflect its new ownership, Abang Johari dismissed the notion.

“There is no need for a new name. If the time comes, we will propose one, but for now, we are focusing on growth and strategic investments,” he said.

Regarding board representation, the Premier mentioned that the Sarawak government currently has no representatives on Affin Bank’s board, but hinted that this might change in the near future. — DayakDaily

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