SARAWAK, MALAYSIA, 23/09/2024 (Asia News Channels) - Affin Bank Bhd shares rose sharply today after Sarawak Premier Tan Sri Abang Johari Tun Openg announced that the state government is set to finalize its majority stake acquisition in the bank by this week.
As of 10:29 a.m., Affin Bank’s share price climbed 14 sen, or 4.88%, to RM3.01, compared to its last closing price of RM2.87 on Friday.
Speaking on Saturday, Abang Johari confirmed that all matters related to acquiring the majority stake in the bank, including regulatory requirements set by Bank Negara Malaysia (BNM), had been completed.
“We are looking to take over the bank very soon. Everything has been settled. BNM has also cleared the way. Expect an official announcement within the week,” he said during a speech marking the 100th anniversary of Rumah Samu in Kuching.
On July 30, Abang Johari had indicated that the Sarawak government was expected to finalize a sale and purchase agreement (SPA) for increasing its stake in the bank within a month.
BNM has reportedly granted conditional approval for the acquisition, with the SPA anticipated to be concluded soon. Earlier, on January 8, 2024, Affin Bank confirmed to Bursa Malaysia that its major shareholder, Lembaga Tabung Angkatan Tentera (LTAT), was in talks with the Sarawak State Financial Secretary regarding the potential sale of additional shares.
As of December 29, 2023, the Sarawak State Financial Secretary held a 4.796% equity stake in Affin Bank, while LTAT remained the largest shareholder with a 28.78% stake.
--ASIA NEWS CHANNELS