Sarawak government to acquire more shares in Affin Bank

KUALA LUMPUR: The Sarawak government is progressing with a sale and purchase agreement to acquire additional shares in Affin Bank from Lembaga Tabung Angkatan Tentera (LTAT), according to Sarawak Premier Tan Sri Abang Johari Tun Openg.

“With regard to the acquisition of additional shares in Affin Bank by the Sarawak government from LTAT, both parties will proceed with a sale and purchase agreement upon securing the necessary regulatory approvals,“ he said on Friday during a memorandum of understanding (MoU) signing to explore cooperation, collaboration, information sharing, and support between Sarawak and LTAT, which is Affin Bank’s biggest shareholder.

After the MoU signing, the Sarawak government team told the media that Abang Johari will not make any further comments on the mattter.

According to a report by TVS, the Sarawak government’s acquisition of shares in Affin Bank is expected to be finalised within a month.

Abang Johari said the process to increase its stake in the lender from 4.8% to around 30% is awaiting final approval from Bank Negara Malaysia, which had previously approved the acquisition on June 12.

“However, there are three minor matters that need to be finalised to proceed with the sale and purchase agreement after obtaining the necessary regulatory approval,“ he told the Sarawak Public Communications Unit and TVS in an exclusive interview after the MoU signing.