EPF says it will sell BAT stake at right price


  • Business
  • Thursday, 04 Feb 2016

In two separate filings with Bursa Malaysia yesterday, the cigarette manufacturer said that EPF had disposed of a total of 168,200 shares, or about 0.03% of the company

KUALA LUMPUR: The Employees Provident Fund (EPF) plans to dispose of its stake in British American Tobacco (BAT) at the right price, deputy chief executive officer (investment) Datuk Mohamad Nasir Ab Latif said.

The fund has a 6.7% direct stake in the tobacco firm and owns a further 0.7% via an external fund manager.

"EPF has historically never invested in gambling stocks or alcohol stocks. In fact, we no longer invest in tobacco stocks. We kept what we had (invested in the past) and at the right time we will exit (from) it," he said.

However, the disposal of the shares will be done at the right price, he said at a media briefing in Kuala Lumpur on Thursday.

"There is no timeline (to dispose of the stake). When we feel that the stock has reached its full potential and the price is right, we will exit," he said.

Meanwhile, on the disposal of assets in the United Kingdom, he said the pension fund, which still owned office buildings in London, had found a suitor for the assets.

However, Mohamad Nasir pointed out that it was in no rush to sell them.

"We are getting good rental income from the properties. But of course if somebody comes and makes us an irresistible offer, I am going to take it and invest the proceeds somewhere else," he said.

Last year, EPF sold the One Sheldon Square office building in London for RM1.14 billion. Besides office buildings in London, EPF also owns 12 hospitals across the United Kingdom, which were purchased in 2013.

EPF's investment is spread over 30 countries. - Bernama
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