Report: Sarawak to sign agreement to buy majority stake in Affin Bank this Friday

KUCHING (Sept 24): The Sarawak government is scheduled to sign a sale and purchase agreement (SPA) with the Armed Forces Fund Board (LTAT) and its subsidiary Boustead Holdings Bhd to buy a majority stake in Affin Bank this Friday.

According to a New Straits Times report, the event will take place at Sheraton Kuching Hotel at 2.30pm.

LTAT, which also owns Boustead, is currently Affin Bank’s major shareholder with about 28 per cent stake, followed by Bank of East Asia Ltd, with over 23 per cent, and Boustead with about 20 per cent.

Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg at an event in Betong last Saturday, said that he would announce the “good news” on the state government’s acquisition of shares in Affin Bank in a week’s time.

“All have been dealt with including Bank Negara Malaysia. We will have our bank in no time.

“Give it another week,” he was reported to have said at the 100th anniversary celebration of Rumah Nanga Samu, Paku in Betong last Saturday.

Meanwhile, the New Straits Times report also mentioned that in a filing with Bursa Malaysia on April 13 last year, Affin Bank said LTAT had sold 112.56 million shares in the bank to the Sarawak financial secretary for RM221.74 million.

The bank said it had sold the shares, representing 4.95 per cent of the total issued shares, at RM1.97 each.