Sarawak government raises stake in Affin Bank to 31%

Sarawak Premier Tan Sri Abang Johari Openg.

KUCHING: The Sarawak government has raised its stake in Affin Bank Bhd to 31% after concluding a sale purchase agreement with the Armed Forces Fund Board and Boustead Holdings Bhd.

Premier Tan Sri Abang Johari Openg said the investment was a strategic move to create a financial platform with a sound and competent bank to boost Sarawak’s economic potential.

“Having a supportive bank plays a crucial role in achieving the objectives of post-Covid-19 development strategy or PCDS 2030, as collaboration with Affin Bank will be vital in fostering the achievement of this development plan. Affin Bank can be one of the critical catalysts to support Sarawak in meeting its sustainable economic agenda,” he said at the agreement signing ceremony here yesterday.

Prior to the acquisition, the Sarawak government held a 4.81% stake in Affin Bank.

At a press conference later, Abang Johari said the state government would not interfere in the running of the bank.

“We will let Affin Bank manage the bank, except that at the end of the day we expect to have dividends,” he added.