Lembaga Tabung Angkatan Tentera ("LTAT") has notified AFFIN BANK that LTAT together with its wholly owned subsidiary, Boustead Holdings Berhad ("BHB") have entered into a sale and purchase agreement on 27 September 2024 with SG Assetfin Holdings Sdn Bhd ("SAH"), a wholly-owned special purpose vehicle of State Financial Secretary, Sarawak for the divestment of approximately 634.7 million shares representing of approximately 26% stake in AFFIN BANK ("Divestment").

Upon completion of the Divestment and based on the shareholding position as at 27 September 2024, the LTAT and BHB's collective shareholding interest in AFFIN BANK will reduce to approximately 23%. Consequently, the State Government of Sarawak will emerge as the single largest shareholder in AFFIN BANK with an aggregate shareholding interest of approximately 31%.

Further information is set out in the attached press release. Announcements regarding the change in substantial shareholdings will be made in accordance with the Main Market Listing Requirements in due course upon receipt of the notifications from the transacting parties.

AFFIN BANK was also notified that the Divestment is expected to be completed in the 4th quarter of 2024.

This announcement is dated 27 September 2024.

Please refer attachment below.