BETONG: The Sarawak government is close to acquiring a bigger stake in Affin Bank Bhd with everything sorted out including with Bank Negara.
Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said the acquisition process is nearly complete, with an official announcement expected within a week.
“We are about to acquire a bank, it won’t be long. Everything is already sorted out including with Bank Negara. Just wait (for the announcement) within this week.
“I was afraid someone might buy the stock later, so I didn’t say anything. Now, we have our own bank.”
He said this when attending the centennial celebration of Nanga Samu Longhouse at Rh Entri Anak Lengkoi, Samu Ulu Paku, Spaoh here on today (Sept 21).
Abang Johari also said that the acquisition will become part of the state’s ecosystem.
“There is already a bank, the acquisition of Bintulu Port has been completed, and soon we will have our own airline that will carry passengers and cargo.
“All of this is for our sustainable development. Sarawak must have a competitive and sustainable economy with its own ecosystem,” he said.
Earlier on July 5, Abang Johari was reported as saying that Sarawak is set to take over a major financial block, positioning itself as a dominant player in Malaysia’s banking industry.
While he did not specifically name the bank at that time, Abang Johari said the acquisition symbolised Sarawak reclaiming its former assets.
“We once lost what we had, and now we are taking it back. Previously, we had six banks taken from us, and now we are reclaiming them. Now we even have our own bank.
“The bank we are acquiring is bigger than those six banks, and we aim to become a dominant player in Malaysia’s banking business,” he said.
On July 19, The Edge Malaysia reported that a planned sale and purchase agreement between Sarawak and Affin Bank Bhd’s largest shareholder, Armed Forces Fund Board (LTAT), that would have formalised the state’s plan to increase its stake in the lender to around 30 per cent from the current 4.8 per cent, has been delayed.
According to the report, the signing ceremony has been postponed as Sarawak looks to clarify some conditions that Bank Negara Malaysia had attached to the deal.
On July 30, Abang Johari said had Bank Negara Malaysia granted conditional approval for the Sarawak government’s plan to increase its stake in Affin Bank.
Recently, on Sept 3, Affin Bank Bhd president and group chief executive officer Datuk Wan Razly Abdullah was reported as saying that the Sarawak government’s planned acquisition of more stake in Affin Bank Bhd is at the tail end of the process.
“I think the Sarawak deal will follow its natural timeline. We wait for the announcement from the Sarawak side,” he was quoted as saying.
Meanwhile, LTAT is currently Affin Bank’s largest shareholder with a 28.88 per cent stake.
