KWAP continues upping Litrak stake

-A +A

KUALA LUMPUR (July 2): Kumpulan Wang Persaraan (KWAP) has again raised its stake in Lingkaran Trans Kota Bhd (Litrak) after acquiring 154,900 shares in the highway concession owner.

According to Litrak's (valuation: 1.5, fundamental: 2) filing to Bursa Malaysia today, KWAP, also known as Retirement Fund Inc, bought the shares on June 23 this year. Following the purchase, KWAP had a direct 7.049% stake in Litrak and an indirect 0.077%.

Today, Litrak said KWAP had upped its stake via "purchase of shares in the open market by KWAP's fund manager." 

KWAP had been buying Litrak shares on the open market in recent weeks. According to Litrak, KWAP had on June 10 bought 95,600 shares after acquiring 64,600 units on June 2.
  
On June 2, KWAP had direct and indirect stakes of 7.052% and 0.028% in Litrak.

According to Litrak's website, the company is the concessionaire for the Lebuhraya Damansara-Puchong (LDP), which runs through Malaysia's Klang Valley.

Construction of the 40km LDP was completed in December 1998, according to Litrak.

Today, Litrak shares fell three sen or 0.7% at 12:30pm to settle at RM4.22 for a market capitalisation of RM2.18 billion.

Litrak shares had gained 14% this year, outperforming the FBM KLCI's 1.5% decline. 

Gamuda Bhd is Litrak's largest shareholder with a 44.49% stake.