MONEY MASTER

  Analysts are forecasting a significant boost in Affin Bank Bhd's deposits following the Sarawak government's decision to increase its ownership stake in the bank to 31% , making it the largest shareholder. This move is expected to enhance the bank's current account and savings account (CASA) contributions. CIMB Securities upgraded its fair value estimate for Affin Bank to RM4.30 , up from RM4.00, while maintaining a “buy” recommendation. The firm anticipates new CASA contributions of at least RM4 billion in FY2025, allowing the bank to release more expensive fixed deposits. TA Securities echoed this optimism, noting that Affin Bank's strategic positioning as a financing vehicle for the Sarawak government could provide significant opportunities in loan growth , advisory roles , and infrastructure projects . Additionally, the expected salary increases for Sarawak’s civil servants could boost the bank’s CASA deposit base. Affin Bank is also set to benefit from t...

  Here’s a brief roundup of notable corporate news from Friday: Affin Bank Bhd: The Sarawak government increased its stake in Affin Bank to 31.25% from 4.8%, becoming the largest shareholder. The state acquired the additional stake through its unit SG Assetfin Holdings Sdn Bhd by signing a share purchase agreement with Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Bhd . Gamuda Bhd: Gamuda secured a A$243 million (RM702 million) contract to construct the Boulder Creek Wind Farm in Queensland, Australia. The project involves 38 turbines with a total capacity of 228 megawatts and is expected to be operational by 2027. HeiTech Padu Bhd: HeiTech Padu is acquiring a 30% stake in Souqa Fintech Sdn Bhd , the owner of the PayHalal Islamic payment gateway, for RM16.17 million . The investment will be funded partly by cash and partly by services. Bintai Kinden Corp Bhd: Bintai Kinden is focusing on its construction division to exit Practice Note 17 (PN17) statu...

Affin Bank Bhd saw its stock rise sharply in early trading on Monday after reports surfaced that Bank Negara Malaysia (BNM) has approved the Sarawak government's acquisition of a majority stake in the banking group. The approval marks a significant step in the state government’s plans to increase its ownership in the bank. As of 10:20 a.m., Affin Bank's stock gained 14 sen, or 5%, settling at RM3.01 and giving the group a market capitalization of RM7.23 billion . About 3.5 million shares were traded in the morning session, making the stock one of the top five gainers on Bursa Malaysia . The Sarawak government currently holds a 4.8% stake in Affin Bank, but Sarawak Premier Tan Sri Abang Johari Tun Openg mentioned in July that the state aims to increase its stake to about 30% , with a formal deal expected soon. Official announcements regarding the acquisition are anticipated within the coming week, according to reports from the New Straits Times and Borneo Post .

Bank Negara Malaysia (BNM) has approved the Sarawak government's acquisition of a majority stake in Affin Bank Bhd , as confirmed by Premier Tan Sri Abang Johari Tun Openg in recent media reports. The official announcement of the acquisition is expected within a week, according to the New Straits Times and the Borneo Post . Speaking at an event, Abang Johari confirmed that all necessary processes, including approvals from BNM , have been completed. He emphasized that he held off on making an early announcement to avoid stock market speculation . Back in July, Abang Johari had revealed plans to increase Sarawak's stake in Affin Bank to around 30% , up from its current 4.8% . The Armed Forces Fund Board (LTAT) currently holds a 28.88% stake , while Boustead Holdings Bhd , a subsidiary of LTAT, owns 20% . The second-largest shareholder is the Bank of East Asia Ltd from Hong Kong, holding 23.93% . With procedural requirements now complete, Sarawak is set to become a major pl...

Affin Bank Bhd has launched a new private banking service, Affin Diventium , targeting individuals with investable assets of RM2 million or more. This initiative aims to cater to the sophisticated needs of ultra-high net worth clients by providing access to a wide range of services across the bank’s various businesses. Key Features of Affin Diventium: Comprehensive Financial Services : Affin Diventium offers an extensive suite of services, including daily banking, investment management, advanced corporate banking, and long-term financial planning. The service is designed to address the unique financial aspirations of high-net-worth individuals and their businesses. Luxurious Asset Financing : The bank has introduced a luxurious asset financing option, enabling clients to acquire and manage high-value assets, such as yachts, through access to premium financial products. This service is part of Affin Bank’s strategy to provide tailored solutions that align with the lifestyle and investme...