Affin has announced that the Sarawak Government via its wholly owned subsidiary company, SG Assetfin Holdings Sdn Bhd has concluded the share purchase agreement (SPA) of AFFIN shares owned by Lembaga Tabung Angkatan Tentera (LTAT) and
Boustead Holdings Berhad, thereby becoming the largest shareholder with an approximately 31% stake.
Prior to the acquisition, the Sarawak Government held a 4.81% stake in AFFIN. With the conclusion of the SPA, their stake has increased to approximately 31%, representing a significant step forward. The Bank said that this strategic move is expected to yield positive benefits accelerating its growth and reinforcing its status as a leading financial institution in the banking industry.
Sarawak's Premier, Datuk Patinggi Tan Sri Abang Haji Johari Tun Abang Haji Openg said the decision to invest in AFFIN had been driven by a need to take a strategic step to create a financial platform and synergy with a sound and competent bank which would be essential for the state towards elevating its huge economic potentials.
"By leveraging on AFFIN's extensive network and expertise, we will work together to unlock new opportunities, facilitate access to capital, and ignite the entrepreneurial spirit of our people. Together, we will build a financial ecosystem that nurtures innovation, promotes financial literacy and empowers financial literacy, and enables our communities to achieve their aspirations," he said.He expressed his confidence that with the unwavering commitment and collective efforts of the team
at AFFIN the bank would flourish and become the beacon of financial excellence that Sarawak and the nation deserved.
Tuan Adly Zahari, Deputy Minister of Defence stated, "This strategic decision is expected to yield substantial positive returns, reflected in competitive and sustainable dividends for LTAT contributors, who are members of the Malaysian Armed Forces. LTAT will not only strengthen its longterm financial stability but also ensure that our contributors' savings consistently benefit from reliable returns and sustainable growth, underscoring our commitment to their financial well-being."
President & Group Chief Executive Officer of Affin Bank Berhad, Datuk Wan Razly Abdullah said, "This agreement is not just a milestone—it is a quantum leap that will propel AFFIN into a new frontier of excellence. With this strategic move, we aim to reshape the banking landscape through bold innovations and creative solutions, securing our industry's emergence and significance for the future."
