KUCHING, Sept 21 — An announcement to finalise the acquisition of a majority stake in Affin Bank Bhd by the Sarawak government is expected within a week, said Sarawak Premier Tan Sri Abang Johari Tun Openg.

He stated that all matters related to acquiring the largest stake in the bank, as well as the requirements set by Bank Negara Malaysia concerning the acquisition, have been resolved.

"We are looking to take over the bank soon. Everything is ready. Bank Negara has also approved it. Just listen out for our announcement in the next week,” he said.

Abang Johari made these remarks while speaking at the 100th anniversary celebration of Rumah Samu, a longhouse in Ulu Paku, Betong, approximately 260 kilometres from here, today.

On July 30, he reportedly said that the Sarawak government was expected to finalise a sale and purchase agreement (SPA) concerning the increase of the Armed Forces Fund Board’s (LTAT) shareholding within a month.

"Bank Negara has given conditional approval, so the SPA is expected to be finalised within a month. This is a technical process, and we must adhere to the regulations,” the premier said at a press conference in Putrajaya.

Speculation about the Sarawak government’s plans to acquire Affin Bank began in January when LTAT confirmed it was in discussions with the state government regarding the "potential transaction involving additional shares” in the bank.

"After consulting with LTAT, the main shareholder of the company, LTAT informed that they are in discussions with the Sarawak State Financial Secretary regarding a potential transaction for additional shares in Affin Bank.

"Any transaction that may arise from these discussions will be conducted in accordance with the relevant regulations and conditions,” Affin Bank stated in a notice to the stock exchange in response to news reports.

As of Dec 29, 2023, the Sarawak State Financial Secretary holds a 4.796 per cent stake in Affin Bank, while LTAT, as the majority shareholder, owned 28.78 per cent. — Bernama