KUCHING: The Sarawak government, via its investment arm State Financial Secretary Sarawak, has acquired a 4.95 per cent stake in Affin Bank Bhd for about RM221.74 million.
Affin Bank said Lembaga Tabung Angkatan Tentera (LTAT) has confirmed that it had on April 13, 2023 divested 112,558,000 ordinary shares in the bank, representing 4.95 per cent of the bank’s total issued shares, for a cash consideration of RM1.97 per share totalling approximately RM221.74 million to the State Financial Secretary Sarawak.
The sale was via a direct business transaction, Affin Bank said in a filing with Bursa Malaysia. Affin closed at RM2.02 on the day of the transaction.
As at March 31, 2022, LTAT was the largest single shareholder of Affin Bank, with a stake of 33.08 per cent.
Other substantial shareholders were The Bank of East Asia Limited (Investment AC) (23.69%), Boustead Holdings Bhd Account Non-trading (20.85%) and Employees Provident Fund Board (7.09%).
For financial year ended Dec 31, 2022, Affin Bank’s net profit more than doubled to RM1.3 billion from RM526.93 million in the previous year, following the divestment of its 63 per cent stake in Affin Hwang Asset Management Bhd for RM1.42 billion last year.
The bank’s revenue climbed to RM3.3 billion from RM2.24 billion year-on-year or up by 47.12 per cent.
