Datuk Wan Razly Abdullah

Advertisement

By DayakDaily Team

KUALA LUMPUR, Sept 3: The Sarawak government’s planned acquisition of a larger stake in Affin Bank Bhd is at the tail end of the process, says its chief executive officer (CEO) Datuk Wan Razly Abdullah.

“I think the Sarawak deal will follow its natural timeline,” Wan Razly told the media during the launch of Affin’s new private banking service.

Advertisement

“We will wait for the announcement from the Sarawak side,” he was quoted as saying in a news report by The Edge today.

Sarawak seeks to raise its current stake of 4.8 per cent in Affin Bank to around 30 per cent and is in talks with Bank Negara Malaysia on the acquisition from the bank’s largest shareholder, the Armed Forces Fund Board (LTAT).

However, the sales and purchase agreement with LTAT has been delayed as Sarawak seeks to clarify certain conditions.

LTAT is currently Affin Bank’s largest shareholder, with a stake of 28.88 per cent.

The Edge has reported that Sarawak is set to acquire Boustead Holdings Bhd’s entire 20 per cent stake in Affin Bank, in addition to part of LTAT’s stake. LTAT wholly owns Boustead.

Hong Kong-based The Bank of East Asia Ltd is the second-largest shareholder with a 23.93 per cent stake.

On Aug 25, it was reported that Affin Bank plans to set up eight new branches by the end of the year to amplify its presence in Sarawak, adding that the new branches will operate with a dual banking branch concept, integrating Affin Bank and Affin Islamic. — DayakDaily