AN ominous letter was written by a UK-based fund manager to a Bursa Malaysia-listed company recently, explaining the reasons why the fund, which had been a long standing shareholder, was intending to liquidate its substantial position in the company.
The fund said that while it had no issues with the performance of the company, it was selling out of the company because of three reasons: concerns about the unravelling of the 1Malaysia Development Bhd issue, worries about a rating downgrade of Malaysia and fears of political instability.
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