Friday 29 Mar 2024
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KUALA LUMPUR: The Employees Provident Fund (EPF) has raised its stake in Yinson Holdings Bhd from 4.9% to 10.13%.

In a statement yesterday, Yinson executive chairman Lim Han Weng said the EPF bought 60 million shares at RM2.83 per share in the company’s private placement exercise.

“We view the 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,” said Lim who controls 22.04% equity interest in the company.

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

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

Last month, the EPF had unloaded 8.64 million shares, or a 0.84% stake in Yinson. Yinson’s share price remained unchanged at RM3.01 yesterday with a market capitalisation of RM3.11 billion.

 

This article first appeared in The Edge Financial Daily, on July 8, 2015.

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