Premier: Acquisition of shares in Affin Bank Bhd expected to be finalised within one month

Abang Johari (centre) together with his deputies Datuk Amar Douglas Uggah Embas (left) and Datuk Amar Awang Tengah Ali Hasan (right) speaking to reporters at Affin Tower in Kuala Lumpur on July 19. Photo credit: Ukas

By DayakDaily Team

KUCHING, July 19: The Sarawak government’s sales and purchase (S&P) agreement with the Armed Forces Fund Board (LTAT) for the acquisition of shares in Affin Bank Bhd is expected to be finalised within a month.

According to a news report from Sarawak Public Communication Unit (Ukas) today, Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said the process to increase the State government’s block of shares in the bank to about 30 per cent, from the current 4.8 per cent, is awaiting final approval from Bank Negara Malaysia (BNM).

“Previously, BNM had given approval involving the acquisition of additional shares in Affin Bank by the Sarawak government from LTAT on June 12.

“However, at this time there are three ‘minor’ things that need to be finalised in order to conclude this share purchase agreement after obtaining the necessary regulatory approval,” he told Ukas and TV Sarawak (TVS) reporters in Affin Tower in Kuala Lumpur today.

He said the Sarawak government will not interfere with the operations of Affin Bank after the matter is fully concluded later, emphasising that the Sarawak government has no interest or any form of involvement in the management or administration of Affin Bank.

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

It was reported by The Edge Malaysia today that the signing of sales and purchase agreement between the Sarawak government and LTAT on the acquisition of shares in Affin Bank was postponed. — DayakDaily