KUALA LUMPUR, July 20 – The Sarawak Government and the Armed Forces Fund Board (LTAT) will proceed with a sale and purchase agreement (SPA) to raise the state government’s Affin Bank stake on securing regulatory approvals, said Sarawak Premier.
LTAT is Affin Bank’s biggest shareholder.
It was reported on Friday that the state government’s plan to formalise the agreement to raise its stake to around 30 per cent from 4.8 per cent has been delayed.
Consequently, the Sarawak Government and LTAT only signed a memorandum of understanding (MoU) to explore potential cooperation, collaboration, information sharing and support.
“Collaboration between the Sarawak Government and LTAT presents a unique opportunity for Sarawak to explore potential cooperation and collaboration particularly, in six priority sectors, namely manufacturing, commercial agriculture, tourism, forestry, mining and services,” said Tan Sri Abang Johari Tun Openg at the signing ceremony.
The initiative marks the state government’s efforts to co-operate with LTAT on opportunities which are of common interest and benefit to both.
Abang Johari said LTAT has a long-term sustainable investment philosophy that aligns with Sarawak’s.
