Affin NTA now 4.73, I assumed no creative accounting in its books. I think it can stand on its own at 0.7x book value, ie 3.31. The pending Sarawak deal may actually be hindering its "true market price" Interested parties may be putting the hand brakes on the price's upward movement.
Obviously BNM dragging its feet because the offered price is too low. I'm sure many of you have noticed by now, Affin's head honchos are buying their own company's share. It's not uncommon I know but acquiring now? What does this indicate? Interesting nobody is talking about it.
Mohamed Khalid confirmed that Boustead Holdings Bhd, which has been taken private by LTAT in June 2023, will sell its stake in Affin Bank Bhd to the Sarawak state government, although he did not clarify the quantum of the stake that will be divested.
He said the deal is currently pending Bank Negara Malaysia’s (BNM) approval.
“We will proceed with that (stake sale). We are just waiting for the approval from BNM. Not LTAT, but LTAT's subsidiary Boustead. LTAT will still remain in Affin Bank,” he said, confirming that LTAT will retain its stake in Affin Bank.
Sarawak will be paying approximately RM1.4 billion to increase their stake in Affin. What is unknown at the moment is this RM1.4 billion is for how many percentage in Affin. If it's for the whole 20% held by Boustead then the price tag is around RM3 per share.
On 10th April during a Raya function Abang Jo said Bank Negara approval within 2 weeks. The 2 weeks is coming to an end soon. Something that was apparently done and dusted back in December is taking a longer time than expected.
March 26, 2024 at 08:34 am EDT Share AFFIN Bank Berhad proposed single-tier final dividend of 5.76 sen per ordinary share in respect of the financial year ended December 31, 2023.AFFIN Bank Berhad Proposes Single-Tier Final Dividend for the Year Ended December 31, 2023
@Littleprince, it takes time to build. And if the pricing is right, why not purchase a ready commercial bank? It saves time, and you can also calculate your budget. Just like why you buy a ready made house by developer instead of building your own house.
Quoting report: Financial weekly "The Edge" quoted people familiar with the matter as reporting that at this stage, the Sarawak state government is seeking approval from Bank Negara to increase its existing shareholding, which is 4.8%, to about 30% in one fell swoop.
It is understood that Sarawak intends to nominate Tan Sri Abdul Aziz Hussan, chairman of its economic development agency, to serve as chairman of Affin Holdings.
Sources said that it is still unclear whether this will be achieved, but Bank Negara Malaysia prefers that Affin Holdings have an independent chairman.
The AGM was chaired by the Chairman of Affin Bank Berhad, YBhg. Dato' Agil Natt, with the Board of Directors and President & Group Chief Executive Officer, YBhg. Datuk Wan Razly Abdullah in attendance.
Chairman thanked all the investors, customers, and other stakeholders for their continued support in enabling the Group to deliver excellent performance consistently. He also thanked the employees for their hard work, professionalism, and commitment. AFFIN Group will remain focused on providing profitable and sustainable growth and will grow to become a Modern and Progressive Bank.
There are more pressing matters to attend to, like vote, understand the financial position and future direction of the bank than door gifts. Why is it so important? Are you a collector?
KUCHING, May 2 — The Sarawak government is still waiting for approval from Bank Negara Malaysia (BNM) to acquire a majority stake in Affin Bank Malaysia, said Premier Tan Sri Abang Johari Openg today.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
TheContrarian
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Posted by TheContrarian > 2024-03-18 20:28 | Report Abuse
Abang Joe told to be silent?