Affin Bank Stock Jumps As Sarawak Finalises Majority Stake

KUALA LUMPUR, Sept 24 (Bernama) -- Affin Bank Bhd's shares surged this morning, rising by two per cent ahead of the Sarawak government's expected finalisation of a majority stake acquisition in the bank this Friday.

As of 11.55 am, the stock had gained six sen to reach RM3.06, with 2.78 million shares traded.

Affin Bank's share price has dramatically increased from last Friday's closing of RM2.87, following Sarawak Premier Tan Sri Abang Johari Tun Openg's announcement that the state's takeover of Affin Bank would be completed within a week.

Abang Johari stated on Saturday that all matters related to the acquisition and the requirements set by Bank Negara Malaysia have been resolved.

Sarawak currently holds a 4.79 per cent stake in Affin Bank and aims to increase its shareholding to around 30 per cent, establishing itself as a major shareholder.

The Armed Forces Fund Board (LTAT) is currently Affin Bank’s largest shareholder, holding a 28.79 per cent stake, followed by Bank of East Asia Ltd with 23.93 per cent, and LTAT’s wholly-owned unit Boustead Holdings Bhd with 20.02 per cent.

-- BERNAMA