Affin Bank's share price shot up to 3.07 from 2.90 before tapering to 2.99 on the back of a news report that Bank Negara has given the greenlight for the Sarawak State government to acquire a majority stake in the financial institution. A report emerged yesterday, that Sarawak Premier Abang Johari had stated that it had received approval from the Central Bank on the acquisition.

The bank's current major shareholder is the military investment arm LTAT which also owns Boustead and other entities.

According to, Affin Bank CEO Datuk Wan Razly when asked when the estimated finalisation of the acquisition will be done, he noted that discussions were still ongoing between the board and the state government but hoped it could be by the end of the year.