KUALA LUMPUR: The deal to increase the Sarawak Government's shareholding from the Armed Forces Fund Board (LTAT), which is the largest shareholder of Affin Bank, is expected to be fully finalised within a month.

The Premier of Sarawak, Datuk Patinggi Tan Sri (Dr) Abang Abdul Rahman Zohari Tun Datuk Abang Openg said that the process of increasing the block of shares in the bank to about 30 from the current 4.8 percent is currently awaiting final approval from Bank Negara Malaysia (BNM). 

According to him, BNM had previously given approval involving the acquisition of additional shares in Affin Bank by the Sarawak Government from LTAT on 12 June.

"However, at this time there are three 'minor' matters that need to be finalised in order to proceed with this share purchase agreement after obtaining the necessary regulatory approval," he said.

He said this in a joint press conference with UKAS and TVS after witnessing the signing ceremony of the Memorandum of Understanding (MoU) between the Sarawak Government and LTAT at the Menara Affin Auditorium here on Friday.

In the event, the Premier of Sarawak witnessed the signing of the MoU between the Sarawak Financial Secretary, Dato Sri Dr. Wan Lizozman Wan Omar and Chief Executive of LTAT, Mohammad Ashraf Md Radzi.

Speaking at the same press conference, the Premier of Sarawak said, the Sarawak Government will not interfere in any control over the operation of Affin Bank after the matter is fully finalized later.

He insisted that the state government has no interest or any form of involvement in the management or administration of Affin Bank.

"When we have a shareholding, of course we have a representative on the Board of Directors of Affin Bank and our representative will make recommendations, we (the Sarawak Government) will not interfere.

"Any business decision made by Affin Bank is entirely the responsibility of the Board of Directors and the bank's management," he said.

The MoU signing ceremony was also attended by the Deputy Prime Minister, Dato Sri Fadillah Yusof, Deputy Premiers of Sarawak, Datuk Amar Douglas Uggah Embas, Datuk Amar Awang Tengah Ali Hasan and Datuk Amar Prof Dr Sim Kui Hian, Sarawak State Secretary, Datuk Amar Mohamad Abu Bakar Marzuki, the Minister and Deputy Minister of the Federal Cabinet from Sarawak, the line of Ministers and Deputy Ministers of the Sarawak Cabinet, the Deputy Minister of Defense of Malaysia, Adly Zahari and other honored guests. - UKASnews