Premier tight-lipped on Sarawak acquiring additional stake in Affin Bank

Abang Johari speaking to reporters following a walkabout at the Brooke Dockyard Industrial Heritage Museum on Jan 17, 2024.

By Ashley Sim

KUCHING, Jan 17: Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg refuses to comment on whether the Sarawak government will acquire a further stake in Affin Bank Berhad from the Armed Forces Fund Board (LTAT).

“I dare not comment because Affin is a listed company,” he told reporters following a walkabout at the Brooke Dockyard Industrial Heritage Museum on Jalan Gambier here today.

According to a report by The Edge Malaysia on Jan 8, Affin Bank, in a Bursa Malaysia filing, said the Sarawak Financial Secretary is close to finalising a memorandum of understanding (MoU), potentially leading to an agreement to acquire an additional stake from LTAT.

Currently, Sarawak holds a 4.95 per cent stake in the banking group and is interested in acquiring an additional 15 per cent from the armed forces fund, which directly owns 29.7 per cent of the total shares.

Apart from stating that the figure was incorrect, Abang Johari refused to comment further when pressed by the media.

“I can tell you that the figure as reported in the media is incorrect. But people say, if there is no wind, the flag will not flap.”

Meanwhile, when asked if the Development Bank of Sarawak (DBOS) would play a role in acquiring the stake, the Premier noted that DBOS is different in that it was mandated by the Sarawak government to assist and provide loans for State infrastructure such as roads, bridges, water and electricity supply, and so on.

Abang Johari also brought up the fact that Bank Negara Malaysia (BNM) did not approve the State government’s application to establish a digital bank.

“So, we have to be patient. But something else will come and let’s see what will happen,” he remarked. — DayakDaily