corporate

Sarawak state becomes largest shareholder in Affin Bank [BTTV]

KUALA LUMPUR: Sarawak state government is now the largest shareholder in Affin Bank Bhd following the completion of a deal with the Armed Forces Fund Board (LTAT) to acquire a 6.87 per cent stake in the bank.

In a filing with Bursa Malaysia Securities, Affin Bank said the Sarawak State Financial Secretary along with its wholly-owned special purpose vehicle, SG Assetfit Holdings Sdn Bhd hold 31.25 per cent stake in the lender, with the completion of the deal with LTAT.

LTAT's shareholdings in the bank were reduced to 22.01 per cent from 28.88 per cent while Boustead Holdings Bhd has disposed of its stake 20.08 per cent interest in Affin.

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 LTAT and Boustead.

Boustead divested its entire 482.11 million shares, equivalent to a 20.02 per cent stake, in Affin, 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 SG AssetFin and 12.43 million shares on the open market, effectively exiting Affin.The filing did not specify the transaction value.

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