"Sarawak state government to hold significant stake in Affin Bank, soon"

KUALA LUMPUR: The Sarawak state government, which currently owns 4.95 per cent stake in Affin Bank Bhd (Affin Bank), will soon become a significant shareholder in the bank.

Affin Bank Bhd (Affin Bank) president and group chief executive officer Datuk Wan Razly Abdullah today said discussions between its major shareholders' Sarawak state and Armed Forces Fund Board (LTAT) are still ongoing.

"There are negotiating the transaction. Once this is finalised, we will make official announcement in due course. Either Affin will make announcement or Sarawak state government," he told a press conference after the Affin Malaysia Market Outlook 2024 - propelling Malaysia forward event today.

When asked why Sarawak was looking at owning a stake in a bank, Sarawak Premier Tan Sri Abang Johari Openg said the bank will boost its capital outlay.

"We feel like we need a bank in order to boost our small and medium sized enterprises and also business activities in Sarawak," said Abang Johari said.

Wan Razly declined to reveal the stake eyed by the Sarawak state government. News reports have it that the Sarawak state government is interested to buy an additional 15 per cent of Affin from LTAT, a move that will make the Sarawak state the third-largest shareholder of Affin.

LTAT has 29.7 per cent stake in Affin while it's wholly-owned unit Boustead Holdings Bhd owns 20.65 per cent.

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