KUALA LUMPUR: The Employees' Provident Fund (EPF) did not suffer losses from "sell low, buy high" transactions of Malaysia Airports Bhd (MAHB) shares, says Datuk Seri Amir Hamzah Azizan.
The Finance Minister II said the sale of 15.5% MAHB shares between RM6.80 and RM7.70 per unit beginning in January 2023 yielded RM102mil for the EPF.
"The performance of MAHB shares surpassed the Kuala Lumpur Composite Index (KLCI) by 11.47% and was a factor for this strategy," he said in response to a question from Chong Zhemin (Pakatan-Kampar) in Dewan Rakyat on Thursday (Feb 20).
He said the EPF had no knowledge that MAHB shares would be offered at RM11 a unit following the takeover by a consortium.
"It needs to be stressed that the evaluation and discussion for the Voluntary General Offer (VGO) only began in July 2023. EPF's Public Equity Department did not have any information or access regarding this offer for MAHB," he said.
He added that the decision to repurchase MAHB shares was a long-term strategy for the EPF. This includes considering value creation and implementing revival plans to improve MAHB when it is relisted at a high price.
On February 20, MAHB shares were suspended by Bursa Malaysia following an earlier delisting announcement by the airport operator.
Gateway Development Alliance Sdn Bhd (GDA) previously announced it secured 98.68% of MAHB’s shares at the close of the consortium’s takeover offer.
GDA is a consortium comprising Khazanah Nasional Bhd, the EPF, the Abu Dhabi Investment Authority, and BlackRock’s Global Infrastructure Partners.
Meanwhile, Amir said the MAHB share transactions were conducted according to law and the Chinese wall policy to prevent insider trading.
"This protocol ensures the separation of information to avoid any conflict of interests that could lead to insider trading, which is an offence under the Capital Markets and Services Act," he added.
Meanwhile, Datuk Seri Dr Wee Ka Siong (BN-Ayer Itam) sought extra time from Deputy Speaker Datuk Ramli Mohd Nor to allow Hamzah to answer a question he raised on Wednesday (Feb 19), which was left unanswered.
"There was only one minute left for the minister to answer my question yesterday, and he promised he would answer today," he said.
However, Ramli said he was bound by House rules to disallow further questions, advising Dr Wee to table a motion if he doubted Hamzah's replies.
Dr Wee wanted to know the reason for the "sell low, buy high" strategy of MAHB shares and who was the decision maker "above the Chinese wall" regarding the EPF share transactions.
Dr Wee suggested a review of the Chinese wall policy.
Earlier, Dewan Rakyat Deputy Speaker Datuk Dr Ramli Mohd Nor warned Chong against starting a row in the House and not to interrupt proceedings.
The warning from Ramli came after Chong took a swipe at Dr Wee while reading out his question to Hamzah, suggesting the Ayer Hitam MP should be appointed as advisor to the EPF.
Dr Wee stood up, citing Standing Order 36(1), saying Chong should not be allowed to make such a malicious statement.
"As MPs, we are allowed to raise matters in this hallowed Hall. If there are any disagreements, we should be able to discuss and debate like gentlemen," he said.
Earlier, several MPs could be heard heckling Chong, with one MP calling him "childish."
