KUCHING: Sarawak will not interfere in the operations of Affin Bank Bhd despite acquiring a 31.25% stake, says Premier Tan Sri Abang Johari Openg.
The Premier assured that the state government would allow Affin Bank to continue managing its affairs independently.
"There will be no interference on our part. However, I am confident that Affin will be involved in the development projects we have in Sarawak. We are fair and there are other banks interested in our economic development as well," he said during a press conference on Friday (Sept 27).
Abang Johari was speaking after witnessing the sale and purchase agreement between the Sarawak government and the Armed Forces Fund Board (LTAT) for Affin shares owned by LTAT and Boustead Holdings Bhd.
With this acquisition, the Sarawak government has become the largest shareholder in the bank, having previously held a 4.81% stake.
Although Abang Johari did not disclose the amount paid for the shares, he mentioned that the next step would be to appoint representatives to Affin’s board of directors.
"Currently, we do not have any representation on the board," he said, adding that there were no plans to rename the bank.
Abang Johari also highlighted Affin's potential role in supporting the growth of new industries in Sarawak, including digitalisation and the green economy.
"We believe the bank's direction aligns with our core business. Our strategic industries include methanol and ammonia and we are also expanding Bintulu Port," he stated.
In his earlier speech, the Premier described the investment in Affin as a strategic move to establish a robust financial platform to support Sarawak's economic growth.
He noted that the state’s Post-Covid-19 Development Strategy (PCDS 2030) aims to foster sustainable economic development and enhance the quality of life for the people.
"Having a supportive bank plays a crucial role in achieving the objectives of PCDS 2030, as collaboration with Affin will be essential in realising this development plan.
"Affin can be one of the critical catalysts to support Sarawak in achieving its sustainable economic agenda," he said.
