SEPTEMBER 2024
Sarawak Now Affin Major Shareholder Following SPA
KUCHING, Fri: Sarawak now holds the controlling shares in Affin Bank Bhd following the signing of the sale purchase agreement (SPA) of shares between Sarawak Government and the Armed Forces Trust Fund ( LTAT) here, today.
AFFIN in a press releases said it was pleased to announce that the Sarawak Government via its wholly owned subsidiary company, SG Assetfin Holdings Sdn Bhd had concluded SPA of AFFIN shares owned by 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.
Sarawak’s Premier, Datuk Patinggi Tan Sri Abang Haji Johari Tun Abang Haji Openg in his address at the signing ceremony pointed out that Sarawak’s 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 Sarawak towards elevating its huge economic potentials.
“Sarawak’s Post COVID-19 Development Strategy 2030 (“PCDS 2030”) is a comprehensive plan aimed at driving sustainable economic growth and improving the quality of life for our citizens. Thus, having a supportive bank plays a crucial role in achieving the objectives of PCDS 2030 as collaboration with AFFIN will be vital in fostering the achievement of this development plan. AFFIN can be one of the critical catalysts to support Sarawak in meeting its sustainable economic agenda.
“By leveraging 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.
He said that the underserved segment of society often struggles to access formal banking services due to various barriers.
In recognising this challenge, AFFIN can actively implement strategies to bridge this gap by providing easy access to banking services, microfinancing solutions, and financial literacy programs, he said further.
Together we can empower these underserved individuals and businesses, supporting their journey towards self-sufficiency, he added.
Additionally, he said AFFIN could play a critical role in supporting the business sector while acknowledging that the small and medium-sized enterprises (SMEs) formed the backbone of our economy, and they require a reliable financial partner to thrive.
“AFFIN’s comprehensive suite of banking products and services, along with its expertise in trade finance and commercial lending, makes it an ideal partner for these enterprises. With AFFIN’s support, SMEs can expand operations, innovate, and create employment opportunities for our people,” he pointed out.
He told guests at the ceremony that Sarawak’s strategy to achieve a high-income economy focused on diversification of its economic sectors, reducing dependency on natural resources, and attracting investments to create sustainable job opportunities.
He expressed optimism that AFFIN could play a critical role in this mission by actively supporting the growth of the state’s strategic industries be it agro-based ventures, tourism, manufacturing, or technology-driven sectors.
Among those present were Deputy Premier, Datuk Amar Dr. Sim Kui Hian, State ministers, State Secretary, Datuk Amar Haji Mohamad Abu Bakar bin Marzuki and deputy state ministers.
Earlier, Adly bin Zahari, Deputy Minister of Defence Malaysia and Datuk Wan Razly Abdullah, President & Group Chief Executive
Officer of Affin Bank also spoke.