According to the Defence Ministry, LTAT will stay a considerable investor in Affin Bank if the sale is settled.– Picture by Hari Anggara
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Friday, 08 Mar 2024 1:27 PM MYT
KUALA LUMPUR, March 8– The proposed sale of part of the Armed Forces Fund Board’s (LTAT) interest in Affin Bank is to rebalance the previous’s financial investment portfolio based upon the targets embeded in the Strategic Asset Allocation Framework (LTAT), according to the Defence Ministry.
The ministry believes the proposition as an affordable action and a financial investment choice that offers favorable returns in the kind of competitive and sustainable dividends to factors.
LTAT presently holds a reliable interest of 48.7 percent in Affin Bank.
“The proposed release of part of the interest is targeted at stakeholders with strong monetary abilities and will supply greater included worth to the bank in the type of service development and increased earnings for a long-lasting duration,” according to the ministry in a composed response released on the Parliament’s site.
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It remained in reaction to a concern from Datuk Seri Ikmal Hisham Abdul Aziz (PN-Tanah Merah) who needed to know the reasoning for LTAT’s strategy to offer its stakes in Affin Bank Berhad, which is a financial investment entity under LTAT that handled to tape-record earnings every year.
According to the Defence Ministry, LTAT will stay a substantial investor in Affin Bank if the sale is settled.
It likewise stated that as a retirement fund, LTAT must prioritise property diversity and handle its financial investments by prioritising fund stability and continued returns.
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“Any proposed shareholding transfer goes through the approval of regulative bodies consisting of Bank Negara Malaysia as a compliance procedure to its business governance,” specified the ministry.– Bernama