KUALA LUMPUR (July 7): The Employees Provident Fund (EPF) has raised its equity stake in Yinson Holdings Bhd from 4.9% to 10.13%.

In a statement today, Yinson (valuation: 1.5; fundamental: 1.5) executive chairman Lim Han Weng said EPF bought 60 million shares at RM2.83 per share in the company’s private placement exercise.

“We view EPF as a strong and strategic shareholder for Yinson and we believe that they will be a long-term shareholder to the group’s expansion activities moving forward.

“EPF’s support and confidence in the group is an encouragement for us to continue driving growth in Yinson and creating value for our shareholders,” said Lim who controls 22.04% shareholding in the company.

Just four days ago, EPF sold 1.1 million shares or its 0.11% stake in Yinson, an integrated offshore production and support services provider, which reduced its stake of 5.01% to 50.65 million or 4.91%.

This occurred when Yinson announced on June 29 of its divestment from the logistics and trading business to Liannex Labuan Ltd for RM228 million to fully focus on the business of floating production storage and offloading (FSPO).

Last month, EPF had unloaded 8.64 million shares, or 0.84% stake in Yinson.

Yinson share price remained unchanged at RM3.01 today with a market capitalisation of RM3.11 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)