KUCHING: The Sarawak government, via its wholly owned subsidiary company SG Assetfin Holdings Sdn Bhd (SAH), has concluded the Share And Purchase Agreement (SPA) of Affin shares owned by Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Berhad, thereby becoming the largest shareholder with a 31.25 per cent stake.
Prior to the acquisition, the Sarawak government held a 4.81 per cent stake in Affin, however, with the conclusion of the SPA, their stake has increased to 31.25.
According to Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg, the Sarawak government’s decision to invest in Affin is driven by a strategic move to create a financial platform and synergy with a sound and competent bank which is essential for Sarawak towards elevating its huge economic potential.
He pointed out that having a supportive bank plays a crucial role in achieving the objectives of Post Covid-19 Development Strategy (PCDS) 2030, therefore, collaboration with Affin is vital in fostering the achievement of this development plan.
“Affin can be one of the critical catalysts to support Sarawak in meeting its sustainable economic agenda.
“By leveraging Affin’s extensive network and expertise, we will work together to unlock new opportunities, facilitate access to capital, and ignite the entrepreneurial spirit of our people.
“Together, we will build a financial ecosystem that nurtures innovation, promotes financial literacy and empowers financial literacy, and enables our communities to achieve their aspirations,” he said.
He said in his speech during the share purchase agreement (SPA) between the Sarawak government, Armed Forces Fund Board (LTAT), and Boustead Holdings Berhad at Sheraton Hotel here, today (Sept 27).
Following this, he pointed out that the underserved segment of society often struggles to access formal banking services due to various barriers.
In recognising this challenge, he said, Affin can actively implement strategies to bridge this gap by providing easy access to banking services, microfinancing solutions, and financial literacy programmes.
“Together we can empower these underserved individuals and businesses, supporting their journey towards self- sufficiency,” he said.
As Affin plays a critical role in supporting the business sector, he said that the bank’s comprehensive suite of banking products and services, along with its expertise in trade finance and commercial lending, makes it an ideal partner for small and medium-sized enterprises (SMEs).
“With Affin’s support, SMEs can expand operations, innovate, and create employment opportunities for our people.
“Our strategy to achieve a high-income economy focuses on diversifying our economic sectors, reducing dependency on natural resources, and attracting investments to create sustainable job opportunities.
“Affin can play a critical role in this mission by actively supporting the growth of our strategic industries. Whether it be agro-based ventures, tourism, manufacturing, or technology- driven sectors, Affin can provide the necessary financial tools and guidance for businesses to flourish,” he said.
