$AFFIN (5185.MY)$
CIMB Securities has raised its target price for Affin Bank Bhd, anticipating that the Sarawak state government will deposit around RM4 billion into the bank next year. This follows the Sarawak government’s acquisition of a 31% stake in Affin, making it the largest shareholder. The research firm expects this move to improve Affin’s financial position by increasing its current account savings account (CASA) deposits and reducing reliance on more expensive fixed deposits. The target price for Affin has been upgraded to RM4.30 from RM4, with a “Buy” recommendation maintained
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$AFFIN (5185.MY)$
Extract from The Star News
According to a Bernama report, Sarawak Premier Tan Sri Abang Johari Tun Openg stated that an announcement to finalise the acquisition of a majority stake in Affin Bank by the Sarawak Government is expected within a week.
He stated that all matters related to acquiring the largest stake in the bank, as well as the requirements set by Bank Negara concerning the acquisition, have been resolved
"We are looking to take over the bank soon. Every...