The protracted timeline of the acquisition may appear to stem from the requirement under the SC Takeover rules for Sarawak and its concert parties to make a mandatory general offer. These rules are designed to ensure that all shareholders are treated equitably, particularly the minorities in the offeree company who belong to the same class, thereby ensuring they receive equivalent treatment from the offeror.

It's highly unusual for a regulator to take an extended period to approve an acquisition that falls below a majority or controlling stake. If the planned acquisition did not necessitate a mandatory takeover offer, there would be little reason for such secrecy. Under standard practice, if the acquisition is "not envisaged to trigger a takeover offer" for Affin, Sarawak would have informed the company of the precise number of shares it intends to acquire from LTAT, pending regulatory approval. The company, in turn, would have disclosed this material information to its shareholders, reflecting its commitment to adopt an open and transparency policy in respect to its relationship with its shareholders.

The disclosure of significant events and other material information that could influence the company’s stock price is crucial. Such transparency allows shareholders to make well-informed decisions regarding the buying or selling of shares.

- A minority shareholder of Affin Bank.

Disclaimer : In the interest of full disclosure and transparency, I hold a vested interest in Affin Bank Berhad (ABB). The opinion and content above is based on my personal analysis and assessment, and it does not constitute investment advice and is NOT intended to encourage or promote the purchase of Affin Bank securities and derivatives. The opinion presented above is for informational purposes only.