KUALA LUMPUR: Sarawak Premier Tan Sri Abang Johari Abang Openg says the state's takeover of a commercial bank will be sealed on July 19.

The signing of papers to take over the bank, most likely the long-rumoured Affin Bank Bhd, would be on schedule, he added.

While he did not specifically name the bank, Abang Johari said that Sarawak is set to take over a major financial block, positioning itself as a dominant player in Malaysia's banking industry.

"There is no more secrecy. By then, we will officially sign to take over this major block, which includes substantial shares, soon, July 19," he was quoted by Borneo Post after announcing Amanah Saham Sarawak Bhd's dividend today.

Abang Johari noted that the acquisition symbolised Sarawak reclaiming its former assets.

"We once lost what we had, and now we are taking it back. Previously, we had six banks taken from us, and now we are reclaiming them. Now we even have our own bank.

"The bank we are acquiring is bigger than those six banks, and we aim to become a dominant player in Malaysia's banking business," he added. 

The Armed Forces Fund Board (LTAT) is currently the largest shareholder of Affin Bank, with about 28 per cent stake, followed by the Bank of East Asia Ltd, with over 23 per cent and LTAT's wholly-owned Boustead Holdings Bhd with about 20 per cent.

The Edge in a report in February said Bank Negara Malaysia was mulling the Sarawak government's proposal to raise its holding in Affin Bank to around 30 per cent, from 4.8 per cent.

On April 13, Affin Bank in a filing with Bursa Malaysia, said the LTAT had sold 112.56 million shares in the bank to the Sarawak financial secretary for RM221.74 million. 

The bank said it had sold the shares, representing 4.95 per cent of the total issued shares, at RM1.97 each.

https://www.nst.com.my/business/corporate/2024/07/1072775/sarawak-take-over-affin-bank-july-19