The Employees Provident Fund (EPF) has divested three million shares in Affin Bank, relinquishing its status as a substantial shareholder, according to The Edge Malaysia. Financial details concerning the transaction’s value remain undisclosed.

Prior to this sale, EPF held 121.91 million shares, representing a 5.195% stake in the bank as of 29 February, according to data from Affin Bank’s annual report for the fiscal year ending 31 December 2023.

Notably, from January to February, EPF had been steadily reducing its holdings in the bank by selling off 16.46 million shares.

Currently, the Armed Forces Fund Board (LTAT) remains the largest shareholder with a 28.79% stake, while its wholly-owned subsidiary, Boustead Holdings Bhd, holds an additional 20.02% in Affin Bank.

This move comes amidst heightened interest in Affin Bank, particularly with reports of the Sarawak government, through its investment arm, considering a substantial increase in its stake in the bank. The potential increase could elevate its ownership to 30%, up from a current 4.8%.