He said he was confident Affin Bank would be run in line with the state’s core businesses and become a financial institution that can support the development of new industries in Sarawak’s emerging economy.

“There will be no interference on our part, but I am sure the bank will participate in the development that we have in Sarawak… Whatever it is, I leave it to the management and the board of the bank,” he was quoted as saying.

“We let them manage the bank, except that at the end of the year, we expect to have dividends,” he added at a press conference in Kuching, the Borneo Post reported.

The Sarawak government became the largest shareholder in Affin Bank with a 31.25% stake earlier today after signing a sale and purchase agreement with the Armed Forces Fund Board (LTAT) and Boustead Holdings Bhd.

The agreement was signed by state-owned SG Assetfin Holdings Sdn Bhd.

Prior to today’s agreement, Sarawak held a 4.81% stake in Affin Bank while LTAT and Boustead held a 28.88% and 20.08% stake respectively. LTAT and Boustead now hold 22% and 0.5% stakes respectively.

When asked about the amount the state spent to acquire the shares, Abang Johari said there was no need to disclose such information. “As long as we have the 31% (stake), that’s all (that matters),” he said. “The cost is between us and them.”