KUCHING: Sarawak is awaiting approval from Bank Negara for its acquisition of a bigger stake in Affin Bank Bhd to become a significant shareholder, says Tan Sri Abang Johari Tun Openg.

The Premier said negotiations between the state government and Lembaga Tabung Angkatan Tentera (LTAT) to acquire more shares were more or less finalised.

"It's just a matter of getting official approval from Bank Negara, but the process is complete.

"Once we hold a majority block, which is a maximum of 32% under Bank Negara, there will be some changes in the board," he said when asked if the bank's chairman would be a Sarawakian.

Abang Johari was speaking to reporters after attending Sarawak Energy Bhd's Hari Raya open house here on Thursday (May 2).

The Sarawak government currently owns a 4.95% stake in Affin Bank.

In February, Abang Johari said Sarawak aimed to be a blockholder in Affin Bank to support the growth of small and medium enterprises (SMEs).

He said acquiring a significant stake in a commercial bank would boost the state's economic potential.

https://www.thestar.com.my/news/nation/2024/05/02/sarawak-waiting-for-bank-negara039s-ok-to-acquire-bigger-stake-in-affin-bank-says-abang-jo