KUALA LUMPUR: The Employees’ Provident Fund (EPF) did not suffer losses in transactions involving the “sell low, buy high” of Malaysia Airports Bhd (MAHB) shares, says Finance Minister II Datuk Seri Amir Hamzah Azizan (pic).
He said the sale of 15.5% MAHB shares between RM6.80 and RM7.70 per unit beginning in January 2023 yielded RM102mil for EPF’s dividend distribution for that financial year.
“The performance of MAHB shares had surpassed the performance of the Kuala Lumpur Composite Index (KLCI) by 11.47% and was a factor for this strategy,” he said in reply to a question raised by Chong Zhemin (PH-Kampar) in the Dewan Rakyat yesterday.
Amir Hamzah said EPF had no knowledge that the MAHB shares would be offered at RM11 a unit following the take-over of the company 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 with regard to this offer for MAHB,” Amir Hamzah said.
He added that the decision to repurchase MAHB shares was a long-term strategy of EPF.
This includes taking into account value creation and implementation of a revival plan to improve MAHB when it is relisted at a high price.
On Feb 20, MAHB shares were suspended by Bursa Malaysia following an earlier delisting announcement by the airport operator.
Gateway Development Alliance Sdn Bhd (GDA) has previously stated that it secured 98.68% of MAHB’s shares at the close of the consortium’s takeover offer for MAHB.
GDA is a consortium comprising Khazanah Nasional Bhd, EPF, the Abu Dhabi Investment Authority and BlackRock’s Global Infrastructure Partners.
Amir Hamzah also said that the MAHB share transactions were done in accordance to law and the Chinese wall policy to prevent incidences of insider trading.
“This protocol is to ensure 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.
