Premier says BNM yet to approve Sarawak's bid for control of Affin Bank

Sulok Tawie
·1-min read
Malay Mail
Malay Mail

KUCHING, May 2 — The Sarawak government is still waiting for approval from Bank Negara Malaysia (BNM) to acquire a majority stake in Affin Bank Malaysia, said Premier Tan Sri Abang Johari Openg today.

He said the the terms of acquisition were finalised between the state government and Lembaga Tabung Angkatan Tentera (LTAT).

“It is just a matter of waiting officially for the approval from BNM. That is all. The process has been completed,” he told reporters after attending the Hari Raya Aidilfitri gathering organised by Sarawak Energy Berhad (SEB) here.

“Certainly, when we have acquired at the maximum 32 per cent as allowed by BNM, there will be changes,” he said.

He added the state government’s shares in Affin Bank will be placed under Sarawak Incorporated.

On January 17, the premier confirmed that the state government was close to acquiring additional stake in Affin Bank from LTAT, adding that the acquisition would be more than 20 per cent.

He had said the decision to take over a commercial bank was made after the state government’s application to establish a digital bank was not approved by the federal authority.

At present, Sarawak has a 4.95 per cent stake in the bank. The state bought the 112.56 million shares in mid-April last year at RM1.97 per share or RM221.74 million in total.

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