S&P signing for Sarawak’s takeover of Affin Bank on Sept 27

KUCHING: Sarawak is expected to formalise a deal to increase its stake in Affin Bank Bnd this Friday.

According to a media invitation to the event, the signing ceremony for the sale and purchase agreement between the state government and two Affin Bank shareholders — Armed Forces Fund Board (LTAT) and Boustead Holdings Bhd — will be held at Sheraton Kuching Hotel in the afternoon on that day.

The Edge Malaysia reported that Sarawak plans to acquire Boustead’s entire 20 per cent stake in the bank, as well as part of LTAT’s.

The acquisition would make Sarawak the largest shareholder, with a stake of around 30 per cent.

The Edge also reported that Affin Bank’s stock surged on Monday after Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg announced last Saturday the state’s acquisition of the stake would be completed within a week.

On Monday, the stock rose 4.5 per cent to close at RM3, giving the bank a market capitalisation of about RM7.2 billion.

As of December 29, 2023, it was reported that Sarawak State Financial Secretary holds a 4.796 per cent stake in Affin Bank, while the LTAT, as the majority shareholder, owns 28.78 per cent.