Premier: Sarawak govt will not interference in Affin Bank operations despite being largest shareholder

KUCHING (Sept 27): The Sarawak government will not interfere in the management of Affin Bank despite being its largest shareholder, said Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

“We let them manage the bank, except that at the end of the year, we expect to have dividend.

“So there is no interference on our part, but I am sure the bank will participate in the development that we have in Sarawak and we are very fair there are also other banks who are interested who are placing their interest in our economic development.

“But whatever it is, I leave it to the management and the board of the bank,” he told a press conference after witnessing the signing of the Sale Purchase Agreement between the Sarawak government, Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Berhad (BHB) here today.

With the completion of the ceremony, Sarawak now holds 31.25 per cent stake in Affin Bank.

“This will certainly become a financial institution that can support the development of new industries in Sarawak’s emerging economy, where we have strengths in resources.

“With new technology, innovative approaches, and digitalisation, I believe this bank will align with our core businesses,” he said.

When asked about the amount spent to acquire the shares, Abang Johari said that there is “no need to disclose that information”.

“As long as we have the 31 per cent, that’s all. The cost is between us and them,” he said.

Also present at the press conference were Deputy Premier Datuk Amar Dr Sim Kui Hian, Affin Bank Berhad president and group CEO Datuk Wan Razly Abdullah, Sarawak State Secretary Datuk Amar Mohamad Abu Bakar Marzuki, and Sarawak State Financial Secretary Dato Sri Wan Lizozman Wan Omar.

For the record, prior to the agreement today, Sarawak held a 4.81 per cent stake in Affin Bank, while LTAT and BHB held 28.88 per cent and 20.08 per cent, respectively.

Following the agreement, Sarawak now holds 31.25 per cent, while LTAT and BHB hold 22 per cent and 0.5 per cent, respectively.