KUALA LUMPUR: The signing of a sale and purchase agreement (SPA) between the Sarawak government, the Armed Forces Fund Board (LTAT) and its subsidiary Boustead Holdings Bhd is taking place on Friday.
The event is taking place at 2.30pm at Sheraton Kuching Hotel, Sarawak.
Sarawak is planning to buy a majority stake in Affin Bank with its premier Tan Sri Abang Johari Tun Openg having reportedly said on Saturday that it would finalise the deal this week.
Abang Johari said all matters related to acquiring a major stake in Affin Bank, including the conditions set by Bank Negara Malaysia, had been resolved.
"We intend to take over this bank soon. Everything is settled, including (approval from) Bank Negara. You will hear the announcement within a week," he reportedly said at the 100th anniversary celebration of Rumah Samu in Kuching.
LTAT, which also owns Boustead, is currently Affin Bank's major shareholder. It has about 28 per cent stake, followed by Bank of East Asia Ltd, with over 23 per cent and Boustead with about 20 per cent.
In a filing with Bursa Malaysia on April 13 last year, Affin Bank said LTAT had sold 112.56 million shares in the bank to the Sarawak financial secretary for RM221.74 million.
The bank said it had sold the shares, representing 4.95 per cent of the total issued shares, at RM1.97 each.