Sarawak to finalise agreement on Affin Bank stake soon, says Abg Johari

PUTRAJAYA (July 30): The Sarawak state government is expected to finalise its sale and purchase agreement (SPA) with the Armed Forces Fund Board (LTAT) to increase its stake in Affin Bank within a month, said Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

As of Dec 29, 2023, Sarawak held a 4.79 per cent stake in Affin Bank, and the state government aims to increase its shareholding in the bank to around 30 per cent, making it a major shareholder.

LTAT is currently Affin Bank’s biggest shareholder with a 28.88 per cent stake, followed by Hong Kong-based Bank of East Asia Ltd with 23.93 per cent.

“Bank Negara Malaysia has already given its conditional approval, and the deal is expected to be finalised within a month.

“It is a very minor technical process, and we have to adhere to regulatory requirements,” said Abang Johari at a press conference after attending the Malaysian Board of Technologists (MBOT) Experts Network in Technology, Innovation, and Cooperative Event (ENTICE) here today.

According to previous reports, the Sarawak state government and LTAT were initially set to sign the SPA, however, the plan was put on hold pending regulatory approvals. – Bernama