Abg Jo: Sarawak’s acquisition of Affin Bank shares to be finalised within one month

KUCHING (July 20): The Sarawak government’s acquisition of shares in Affin Bank is expected to be fully finalised within a month, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

He said the process of increasing its stake in the lender to around 30 per cent from 4.8 per cent currently is awaiting final approval from Bank Negara Malaysia (BNM).

He said BNM had previously given approval on the acquisition of shares in Affin Bank by the Sarawak government from LTAT on June 12.

“However, there are three minor matters that need to be finalised in order to proceed with the sale and purchase agreement after obtaining the necessary regulatory approval,” he said in a press conference with the Sarawak Public Communications Unit and TVS after witnessing the signing of a Memorandum of Understanding (MoU) between the state government at LTAT at Menara Affin here on Friday.

Abang Johari said the state government would not interfere in any control over the operation of Affin Bank and insisted it had no interest in any form of management or administration of Affin Bank.

“Where we have stakes, of course we have a representative on the Board of Directors of Affin Bank, and our representative will make recommendations — we (the Sarawak government) will not interfere.

“Any business decision made by Affin Bank is entirely the responsibility of the Board of Directors and the bank’s management,” he said.

Also present at the press conference were Deputy Premiers Datuk Amar Douglas Uggah Embas and Datuk Amar Awang Tengah Ali Hasan.