Friday 29 Mar 2024
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KUALA LUMPUR: The Employees Provident Fund says its subsidiary Kwasa Global is negotiating for a loan of RM1.28 billion with two banks to refinance its assets in the United Kingdom to help protect against volatilities in foreign currency and exchange rates.

In a statement this evening, the EPF also clarified that the loan amount, which Kwasa Global is negotiating for with Standard Chartered and DBS Bank, is not RM12 billion.

It was responding to a WhatsApp message being circulated earlier today, which stated that the EPF was seeking financing from the two banks.

"All investment decisions made by the EPF are in accordance with our risk-return profile, in line with ensuring that members’ retirement savings are safe and well managed," it said.

"Offshore financing reduces the foreign currency exposure of the global real estate investment and, therefore, is part of investment best practice. The deal is being undertaken through our subsidiary Kwasa Global and is still under negotiation, though the loan amount involved is RM1.28 billion, and not RM12 billion as has been stated in the WhatsApp," it added.

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