Malaysia Army Fund to Cut Exposure to Affin: Minister

Malaysia’s Armed Forces Pension Fund will lower its exposure to Affin Bank Bhd. to 9% of its asset under management as it seeks to reduce holdings in strategic assets and invest the proceeds in fixed income, Defense Minister Mohamed Khaled Nordin said.

The fund, known as LTAT, currently owns about 22% of Affin after selling some of its shares to Sarawak, Malaysia’s biggest state, last year.