File photo for illustration purposes

KUCHING, Jan 9: Affin Bank Berhad has hinted that the Sarawak government will increase its stakes in the bank by acquiring an additional stake from the Armed Forces Fund Board (LTAT).

According to a report by The Edge Malaysia yesterday (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 banking group.

The Edge Malaysia also concluded that if the shares successfully change hands, Sarawak will become the third largest shareholder in Affin Bank, after Bank of East Asia with 23.79 per cent and Boustead Holdings Bhd with 20.65 per cent.

It is also understood that the target is to conclude the MOU before the end of the year. — DayakDaily