No interference in Affin Bank’s Management 

KUCHING: The Sarawak government will not interfere in Affin Bank’s management even though it has become the largest shareholder with a 31.25 per cent stake, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

Abang Johari affirmed that the bank would operate independently, especially regarding its economic development initiatives.

He said that although the Sarawak government held a block majority of over 30 per cent, it would refrain from interfering in the bank’s management while expecting dividends in return.

“There will be no interference from our side, but I am confident that the bank will take part in Sarawak’s development.

“We understand that other banks are also expressing interest in our economic development, but that decision will be left to the bank’s management and board,” he said.

He said this at a press conference following the signing ceremony of the Sale and Purchase Agreement between the Sarawak government and the Armed Forces Fund Board (LTAT) at the Sheraton Hotel today.

As such, Abang Johari said that the Sarawak government’s new milestone would help drive new industrial development in the state, particularly in emerging economic sectors.

Sarawak, he asserted, had a competitive advantage in terms of resources, and with new technologies and digitalisation approaches, Affin Bank would align itself with the state’s core business areas.

He noted that the bank would likely consider the potential opportunities available on Borneo Island, including collaborations with neighbouring regions.

“The bank will undoubtedly assess the potential in Borneo, which includes our neighbours in Kalimantan, Sabah, and Brunei. With our well-connected road network and infrastructure, I believe Affin Bank will see the potential for closer collaborations with businesses in Sarawak and the surrounding regions.”

“It will be up to the bank’s management to conduct thorough analyses to identify strategic industries for investment.”

“As for Sarawak, we have strategic industries such as methanol, and we plan to venture into ammonia production while expanding Bintulu Port,” he added.