RM624mil gain for 3 Maxis investors

THREE government-controlled investment agencies – Lembaga Tabung Haji (LTH), the Employees Provident Fund (EPF) and Kumpulan Wang Amanah Pencen (KWAP) – are in for a windfall of as much as RM624mil following the sharp rise in Maxis Communications Bhd's share price over the last few weeks. 

The three institutions, which took up 260 million Maxis shares in a private placement in May, will be laughing all the way to the bank if the gains are realised.  

Yesterday, Maxis shares surged 70 sen to close at a historical high of RM7.50.  

In May, LTH bought 60 million of the 260 million shares offered, while EPF and KWAP took up 100 million shares each, for a whopping RM1.33bil or at RM5.10 per share. 

All three tranches came from Harapan Nusantara Sdn Bhd, a bumiputra trust company whose trustees are Tun Mohammed Hanif Omar, Effendi Fuad Stephens, Datuk Badri Masri and Mohamad Shahrin Merican. 

Financial services group ECM Capital Sdn Bhd is the adviser to the trustees. ECM Capital affiliate Libra Asia Securities Hong Kong handled the placement of shares. 

The EPF is believed to have sold a small stake of a few million shares at RM5.70 each some time earlier. 

ECM Libra managing director Datuk Kalimullah Hassan, when contacted by StarBiz, said of the Maxis share placement: “It was a tough time – sentiment on the KLSE then was not good. So it was quite a feat for us to place out what was Malaysia's largest placement. 

”I have heard many comments from the investment community to the effect that foreign investment funds started to seriously look at Maxis after our placement.  

“They reckoned that if local investors could invest RM1.3bil in Maxis, there must be something good going for them.”  

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

HSL 2Q net profit more than double to RM8.75mil
Petronas subsidiaries well-positioned to benefit from hydrogen production
Bursa tracks higher on improved sentiment
UOB Malaysia taps Prudential’s VF2F feature to offer digital insurance
Private, public sectors urged to work together for fast transition to net-zero economy
Ringgit opens lower against greenback on FOMC's upbeat assessment
Quick take: Vizione rises after securing RM500mil GDV project
Bursa gets a lift from positive global sentiment
Quick take: Opcom shares hit highest in six years
Trading ideas: Sedania, IOI Properties Rhone Ma, Vizione, SCIB

Stories You'll Enjoy