SARAWAK Premier Abang Johari Openg has not ruled out the possibility of the state government taking over a commercial bank in the country.

However, he declined to provide further details in response to a media report suggesting that the Sarawak government was considering increasing its shareholding in Affin Bank Bhd to 20%.

“I don’t dare comment as Affin Bank is a listed company,” he told reporters in Kuching today.

On January 8, Affin Bank disclosed in a filing with Bursa Malaysia that its major shareholder, the Armed Forces Fund Board, had communicated its ongoing discussions with the Sarawak financial secretary regarding a potential transaction involving additional shares in the bank.

As of December 29, 2023, the Sarawak financial secretary held a 4.796% equity interest in Affin Bank.

With regards to this development, signaling the third entity targeted for takeover by the Sarawak government, he remarked, “As people say, where there is no wind, the flag won’t be fluttering.”

Last Friday, Abang Johari informed reporters that the state government intends to acquire another entity to enhance the business sector and entrepreneurship.

He stated that the details of the takeover would be announced within the next month or two, marking one of three major entities to be wholly owned by the state this year.

“There are three entities we are going to take over in 2024. The first one (Bintulu Port) was done, the second one will be announced soon, and the third one is of course MASwings Sdn Bhd. (After taking over the entities), we will have a complete economic system for Sarawak,” he said. – Bernama, January 17, 2024.