Bank Negara has granted conditional approval for Sarawak govt’s increased stake in Affin Bank, says Premier

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By DayakDaily Team

KUCHING, July 30: Premier of Sarawak Datuk Patinggi Tan Sri Abang Johari Tun Openg has revealed that Bank Negara Malaysia (BNM) has granted conditional approval for the Sarawak government’s plan to increase its stake in Affin Bank.

In a news report by TVS, he reiterated that the sale and purchase agreement (SPA) involving the Malaysian Armed Forces Fund Board (LTAT), the largest shareholder in the commercial bank, is expected to be finalised within a month.

“It is a technical process that must be adhered to,” he told a press conference following the Experts Network in Technology, Innovation and Cooperative Event (MBOT ENTICE 2024) in Kuala Lumpur today.

During the ceremony, Abang Johari was honoured with the Technology Leadership Award by the Malaysian Board of Technology (MBOT) in recognition of his contributions to technology and the green economy.

On July 19 at the signing ceremony of the Memorandum of Understanding (MoU) for strategic cooperation between the Sarawak government and LTAT at Menara Affin in Tun Razak Exchange (TRX), Abang Johari had indicated that the process is expected to be completed next month.

He explained that both the Sarawak government and LTAT are awaiting final approval from BNM concerning regulatory aspects.

Currently, the Sarawak Finance Secretary holds a 4.8 per cent stake in Affin Bank after acquiring 112.56 million shares in mid-April of last year.

Abang Johari also confirmed that upon completion of the process, the Sarawak government will become the principal shareholder with over 30 per cent ownership.

The MBOT Entice 2024 was also attended by Minister of Science, Technology and Innovation (MOSTI) Chang Lih Kang and Deputy Premier Datuk Amar Douglas Uggah Embas. — DayakDaily

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