KUALA LUMPUR (June 24): Pension fund Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has emerged as a substantial shareholder in Red Sena Bhd, a newly listed special purpose acquisition company (SPAC) targeting food and beverage-related businesses.

In a filing with Bursa Malaysia today, the shell company said KWAP's fund manager bought 4.02 million Red Sena shares in the open market on June 9, bringing the total number of shares that KWAP indirectly owned to 51.52 million.

KWAP's fund manager bought another 750,000 Red Sena shares the next day (June 10), according to another stock exchange filing. As at June 23, KWAP owns 52.27 million or 5.23% of Red Sena's share capital.

Red Sena, which was listed on Dec 10, 2015, has been hovering in the range of 40 sen to 41 sen this quarter. It was traded flat at 40.5 sen as at noon break, with a volume 2.76 million shares.