SARAWAK GOVERNMENT, LTAT TO INK AGREEMENT ON SECURING REGULATORY APPROVALS - ABANG JOHARI

KUALA LUMPUR, July 19 (Bernama) — The Sarawak Government and the Armed Forces Fund Board (LTAT) will proceed with a sale and purchase agreement (SPA) to raise the state government’s Affin Bank stake on securing regulatory approvals, said Sarawak Premier.

LTAT is Affin Bank’s biggest shareholder.

It was reported today that the state government’s plan to formalise the agreement to raise its stake to around 30 per cent from 4.8 per cent has been delayed. 

Consequently, the Sarawak Government and LTAT only signed a memorandum of understanding (MoU) to explore potential cooperation, collaboration, information sharing and support. 

“Collaboration between the Sarawak Government and LTAT presents a unique opportunity for Sarawak to explore potential cooperation and collaboration particularly, in six priority sectors, namely manufacturing, commercial agriculture, tourism, forestry, mining and services,” said Tan Sri Abang Johari Tun Openg at the signing ceremony today.

The initiative marks the state government’s efforts to co-operate with LTAT on opportunities which are of common interest and benefit to both.

Abang Johari said LTAT has a long-term sustainable investment philosophy that aligns with Sarawak’s.

He believes Affin Bank has opportunities to participate and expand its ESG portfolio and its retail customer base with the untapped potential in Sarawak, for example, in cashless payments and digital banking. 

“Additionally, Affin Bank can explore collaborations to support small and medium enterprises (SMEs) to provide access to affordable financing, while increasing literacy and leveraging Affin Bank’s networking platform,” he said.

Collaborations will positively impact Sarawak’s development and provide a financial platform to boost the economy via the development of SMEs and entrepreneurship programmes.

— BERNAMA