JPMorgan Chase buys more shares in Sunway

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KUALA LUMPUR (Nov 13): Sunway Bhd’s new major shareholder JPMorgan Chase & Co has acquired an additional one million shares or 0.06% stake in the diversified group, a filing with Bursa Malaysia today revealed.

The US-based banking giant, which emerged as a new major shareholder yesterday, had raised its stake to some 98.95 million shares or 5.75% in Sunway on November 5 this year.

The day before, it had bought 5.69% Sunway stake ahead of Singapore government investment arm GIC Private Ltd’s sale of its entire stake in Sunway.

GIC had, on last Wednesday (Nov 5), sold some 151 million shares or 8.74% in Sunway, according to Sunway’s statement to Bursa.

Sunway closed up 6 sen or 1.9% to RM3.23 today, translating to a market capitalisation of RM5.55 billion.