Sarawak’s acquisition of Affin Bank shares to be finalised within a month

KUALA LUMPUR: The acquisition of shares for Affin Bank from the Armed Forces Fund Board (LTAT) will be finalised in a month’s time said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

He said Sarawak is waiting for the final approval from Bank Negara Malaysia (BNM) to increase its stake to 30 percent from the current 4.8 percent.

“BNM had previously given approval for the acquisition of additional shares in Affin Bank by the Sarawak Government from LTAT on June 12.

“However, there are currently three ‘minor’ issues that need to be finalised to complete this share purchase agreement after obtaining the necessary regulatory approvals,” he said.

He said this in a press conference after witnessing the signing ceremony of the Memorandum of Understanding (MoU) between the Sarawak government and LTAT on Friday.

The document was signed by Sarawak Financial Secretary Datuk Seri Dr Wan Lizozman Wan Omar who represented the state government, while LTAT was represented by its chief executive officer Mohammad Ashraf Md Radzi.

At the same time, Abang Johari said the Sarawak government will not interfere with the operations of Affin Bank once the matter is fully finalised.

“The state government has no interest or involvement in the management or administration of Affin Bank.

“When we have shareholding, of course, we will have representatives on the board of directors of Affin Bank, and our representatives will provide suggestions, but we (the Sarawak government) will not interfere.

“Any business decisions made by Affin Bank are entirely the responsibility of the bank’s board of directors and management,” he said.