Sarawak needs to set up SPV to facilitate acquisition of shares in Affin Bank

PUTRAJAYA: Sarawak needs to establish a special purpose vehicle (SPV) to facilitate its shareholding acquisition from the Armed Forces Fund Board in Affin Bank, according to Premier Tan Sri Abang Johari Tun Openg.

He said Sarawak is completing a technical process required before obtaining final approval from Bank Negara Malaysia, which has already given conditional approval.

“There is a process where Sarawak must have a special vehicle for shareholding. It is expected to be completed within a month. It’s a very minor technical process, regulatory in nature. We will hold a press conference during the sale and purchase agreement process in a month,” he said during a press conference after receiving a technology leadership award at the MBOT Experts Network In Technology, Innovation and Cooperative Event today.

In 2021, he said, Sarawak launched Sarawak Post-Covid 19 Development Strategy 2030 (PCDS), a roadmap to transform Sarawak into a high-income economy by 2030, focusing on economic prosperity, social inclusivity and environmental sustainability.

“PCDS initiatives, such as expanding digital infrastructure and promoting green technology, ensure all communities benefit from technological advancements,” he added.

To lead the digital economy, Abang Johari said, Sarawak launched the Digital Economy Blueprint 2030 to transform Sarawak into a digitally driven economy by 2030.

“The Sarawak government has allocated RM1.89 billion to boost infrastructure and digital skills under the Sarawak Linking Urban, Rural, and Nation Initiative,” he added.

Sarawak is fostering a tech startup ecosystem through Tabung Economy Gagasan Anak Sarawak Digital Village and innovation hubs, supported by government and industry, to accelerate growth, innovation, and job creation, aiming to become a “Silicon Valley”.

Abang Johari pointed out that, among others, the state cabinet has approved the Sarawak Artificial Intelligence Centre to focus on AI research, development, and commercialisation besides partnering with private sector to establish green data centres.

He said Sarawak plans to develop Green Ports and produce green fuel for shipping besides establishing a regional hub for green fuel bunkering, and implementing a Common Utilities Corridor for port facilities.