KUALA LUMPUR: Boustead Holdings Bhd has divested its entire 482.11 million shares, equivalent to a 20.02 per cent stake, in Affin Bank Bhd, ceasing to be a shareholder in the bank.
Boustead disclosed in a Bursa Malaysia Securities filing yesterday that it sold 469.68 million shares to Sarawak government's wholly-owned subsidiary company, SG AssetFin Holdings Sdn Bhd and 12.43 million shares on the open market.
The filing did not specify the transaction value.
Back in September, the Sarawak state government announced that it was raising its interest in Affin Bank to 31.25 per cent through deals with the Armed Forces Fund Board (LTAT) and Boustead Holdings.
LTAT and Boustead sold 634.7 million shares or about a 26 per cent stake in Affin Bank.
The deals left LTAT and Boustead Holdings, collectively, with a 23 per cent interest in the bank.
Affin Bank's shares closed at RM2.89, bringing its market capitalisation to RM6.94 billion.