KUCHING:  AFFIN has announced that the Sarawak Government, through its wholly-owned subsidiary SG Assetfin Holdings Sdn Bhd (SAH), has completed the share purchase agreement (SPA) for AFFIN shares previously owned by Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Berhad. 

This makes the Sarawak Government the largest shareholder in AFFIN, holding a 31.25 per cent stake.

Before this acquisition, the Sarawak Government held a 4.81 per cent stake in AFFIN. 

With the SPA concluded, their shareholding has now increased to 31.25 per cent, marking a major step forward. 

This strategic investment is expected to bring positive outcomes for AFFIN, accelerating its growth and reinforcing its position as a leading financial institution.

Sarawak Premier, Datuk Patinggi Tan Sri (Dr) Abang Abdul Rahman Zohari Tun Datuk Abang Openg, highlighted during the signing ceremony that the decision to invest in AFFIN was driven by the need to create a strategic financial platform. 

This partnership with a strong and capable bank is seen as essential for Sarawak as it strives to unlock its vast economic potential.

“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 people. A supportive bank like AFFIN will play a crucial role in helping us achieve the goals of PCDS 2030. AFFIN will be instrumental in supporting Sarawak’s sustainable economic agenda,” said Datuk Patinggi Tan Sri Abang Zohari. 

“By leveraging AFFIN’s extensive network and expertise, we can unlock new opportunities, facilitate access to capital, and ignite the entrepreneurial spirit within Sarawak. Together, we will build a financial ecosystem that fosters innovation, promotes financial literacy, and empowers our communities to reach their aspirations, ” he added. 

Datuk Patinggi Tan Sri Abang Zohari expressed confidence that with the commitment and efforts of the team at AFFIN, the bank would flourish and become a leading financial institution that both Sarawak and Malaysia deserve.

Deputy Minister of Defence, Adly Zahari, stated that this strategic decision is expected to bring substantial benefits, including competitive and sustainable dividends for LTAT contributors, who are members of the Malaysian Armed Forces. 

This move will not only enhance LTAT’s long-term financial stability but also ensure consistent and reliable returns for contributors’ savings.

President and Group Chief Executive Officer of Affin Bank Berhad, Datuk Wan Razly Abdullah, remarked that this agreement represents a significant leap forward for AFFIN. 

“This is not just a milestone—it’s a quantum leap that will propel AFFIN into a new frontier of excellence. Through this strategic move, we aim to reshape the banking landscape with bold innovations and creative solutions,” he said. 

“This agreement aligns perfectly with our vision to become the ‘Most Creative and Innovative Financial Company.’ It supports the key pillars of our AFFIN Axelerate 2028 (AX28) plan: ‘Unrivalled Customer Service,’ ‘Digital Leadership,’ and ‘Responsible Banking with Impact.’ 

“We are committed to strengthening our position and look forward to working closely with all stakeholders to achieve shared goals and deliver exceptional value,” he added. -UKASnews