KUALA LUMPUR, July 19 — A planned signing today of the sale-and-purchase (S&P) agreement between Sarawak and the Armed Forces Fund Board (LTAT) for a controlling stake in Affin Bank Bhd has been delayed, according to sources
The Edge Malaysia reported today that the agreement was to formalise Sarawak’s intention to increase its stake in the bank from 4.8 per cent to approximately 30 per cent.
But sources said the signing this afternoon will now be only for a memorandum of understanding, after Sarawak asked to delay the final deal to “clarify some conditions” imposed by Bank Negara Malaysia (BNM).
It is understood that Sarawak Premier Tan Sri Abang Johari Tun Openg and a delegation of state dignitaries are already in Kuala Lumpur for the event.
“They had come in anticipation of the S&P agreement signing, but will now be executing the MOU instead,” the source disclosed to The Edge.
On July 5, The Borneo Post reported that Abang Johari had hinted that the state is set to take over a major financial block and position itself as a dominant player in the country’s banking industry.
Yesterday, Affin Bank Bhd’s shares fell at mid-afternoon. At 4.25pm, the counter eased two sen to RM2.96 with 2.75 million shares traded.
