KUALA LUMPUR: Affin Bank Bhd rose in early trade Monday, buoyed by news that an announcement regarding the finalisation of the Sarawak government's acquisition of a majority stake in the bank is anticipated within the week.
The bank surged 19 sen, or 6.62%, to RM3.06 at 9.09 am, marking an impressive rise of 47.12% so far this year.
According to a Bernama report, Sarawak Premier Tan Sri Abang Johari Tun Openg stated that an announcement to finalise the acquisition of a majority stake in Affin Bank by the Sarawak Government is expected within a week.
He stated that all matters related to acquiring the largest stake in the bank, as well as the requirements set by Bank Negara concerning the acquisition, have been resolved.
"We are looking to take over the bank soon. Everything is ready. Bank Negara has also approved it. Just listen out for our announcement in the next week,” he said.
The Sarawak State Financial Secretary holds a 4.796% stake in Affin Bank, while the Armed Forces Fund Board (LTAT), as the majority shareholder, owns 28.78% as of December 29, 2023.
In the first six months ended June 30, Affin Bank posted a net profit of RM228.8mil, or earnings per share of 9.73 sen on revenue of almost RM1bil.
