KWAP increases Gamuda stake

KWAP increases Gamuda stake
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KUALA LUMPUR (Sept 7): Kumpulan Wang Persaraan (KWAP) has increased its stake in Gamuda Bhd to 6.11% after purchasing 3.13 million shares on the open market.

In a filing to Bursa Malaysia today, Gamuda said KWAP purchased the 3.13 million shares in several transactions between Aug 24 and 28 this year. Prior to these transactions, the KWAP's equity interest in Gamuda stood at 5.98%.

Gamuda’s single-largest shareholder is the Employees Provident Fund with 10.37% stake. This is followed by Skim Amanah Saham Bumiputera, which owns 8.67%.

KWAP remained as the third-largest shareholder of Gamuda after the latest share transactions.

Last month, a consortium in which Gamuda is the controlling shareholder received a letter of award from the Penang State Government to implementation an alternative transport master plan and undertake land reclamation in the state.

Gamuda announced that the Penang authorities appointed SRS Consortium as the project delivery partner.

Gamuda owns 60% in SRS while Ideal Property Development Sdn Bhd and Loh Phoy Yen Holdings Sdn Bhd hold 20% each. Details of the project have not been disclosed at this juncture.

At 5pm, Gamuda closed 15 sen or 3% lower at RM4.36 for a market capitalisation of RM10.51 billion.

The stock saw some 3.5 million shares done.

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