Sarawak premier Abang Johari Openg said all matters related to acquiring the largest stake in the bank, as well as the requirements set by Bank Negara Malaysia concerning the acquisition, had been resolved.

“Everything is ready. Bank Negara has also approved it.

“Just wait for our announcement in the next week,” he said at the 100th anniversary celebration of Rumah Samu, a longhouse in Ulu Paku, Betong, 260km from here, today.

On July 30, he said the Sarawak government was expected to finalise a sale and purchase agreement (SPA) with the Armed Forces Fund Board (LTAT) to increase its stake in Affin Bank within a month.

“Bank Negara has given conditional approval, so the SPA is expected to be finalised within a month.

“This is a technical process, and we must adhere to the regulations,” the premier said in Putrajaya.

Speculation about the Sarawak government’s plans to acquire Affin Bank began in January when LTAT confirmed it was in discussions with the state government regarding the “potential transaction involving additional shares” in the bank.

“After consulting with LTAT, the main shareholder of the bank, LTAT informed that they are in discussions with the Sarawak state financial secretary regarding a potential transaction for additional shares in Affin Bank.

“Any transaction that may arise from these discussions will be conducted in accordance with the relevant regulations and conditions,” Affin Bank stated in a notice to the stock exchange in response to news reports.

The Edge Malaysia previously reported that the planned agreement between Sarawak and LTAT – which is Affin Bank’s largest shareholder – would have formalised the state’s plan to increase its stake in the lender to around 30% from the 4.8% it currently holds.

Boustead, which is wholly owned by LTAT, is currently Affin Bank’s third-largest shareholder. The Bank of East Asia Ltd is Affin Bank’s second largest shareholder with over 23%.