Affin Bank Bhd shares soared today after Sarawak Premier Tan Sri Abang Johari Tun Openg said the announcement to finalize the takeover of the majority stake in the banking group by the Sarawak government would be implemented this week.
Last Saturday, Abang Johari said all matters to acquire the largest stake in the bank as well as the need to meet the conditions set by Bank Negara Malaysia (BNM) on the matter had been resolved.
At the end of July, the Sarawak Government reportedly concluded a sale and purchase agreement (SPA) regarding the increase in the shareholding of the Armed Forces Fund Board (LTAT) within a month.
Abang Johari also said in his statement that BNM had given conditional approval.
In addition, Affin Bank in a notification to Bursa Malaysia said LTAT as its main shareholder confirmed that it is in talks with the Sarawak State Finance Secretary.
The Sarawak State Finance Secretary owns a 4.796% equity stake in Affin Bank as of 29 December 2023 while LTAT is the largest shareholder with a 28.78 percent stake.
