KUALA LUMPUR: Affin Bank Bhd said its major shareholder - Lembaga Tabung Angkatan Tentera (LTAT) - has confirmed a news report that the armed forces fund is in discussions with the Sarawak State Financial Secretary for the "possible transaction of additional shares” in the bank.

       "Upon enquiry with LTAT, the major shareholder of the company, LTAT has informed that they are in discussions with the Sarawak State Financial Secretary for the possible transaction of additional shares in Affin Bank. Any transaction that may result from the discussions will be done in accordance with the relevant rules and regulations,” it said in a stock exchange filing in response to the news report.

       The Sarawak State Financial Secretary owned 4.796 per cent shares of Affin Bank as of Dec 29, 2023.

       "Affin will make an announcement upon receipt of the notification on any changes in shareholding involving our major shareholders," the bank added.

       The article stated that the Sarawak State Financial Secretary is understood to be close to concluding a memorandum of understanding (MOU) which will lead to a deal to acquire an additional stake in Affin from LTAT.

       The bank said pursuant to the Companies Act 2016 and Bursa Malaysia Securities Bhd’s Main Market listing requirements - LTAT is obligated to inform Affin of any changes to their shareholding in compliance with the requirements or significant divestment of major shareholders.

       "Similarly, any party who acquires an interest of 5.0 per cent or more will be required to notify Affin of the same,” it added. - Bernama

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