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Kuala Lumpur: Affin Bank Bhd’s shares surged this morning, rising by 2% ahead of the Sarawak government’s expected finalisation of a majority stake acquisition in the bank this Friday.

As of 11.55am, the stock had gained 6 sen to reach RM3.06, with 2.78 million shares traded.

Affin Bank’s share price has surged from last Friday’s closing of RM2.87, following Sarawak premier Abang Johari Openg’s announcement that the state’s takeover of Affin Bank would be completed within a week.

Abang Johari stated on Saturday that all matters related to the acquisition and the requirements set by Bank Negara Malaysia (BNM) have been resolved.

Sarawak currently holds a 4.79% stake in Affin Bank and aims to increase its shareholding to around 30%, establishing itself as a major shareholder.

The Armed Forces Fund Board (LTAT) is currently Affin Bank’s largest shareholder, holding a 28.79% stake, followed by Bank of East Asia Ltd with 23.93%, and LTAT’s wholly-owned unit Boustead Holdings Bhd with 20.02%.