KUALA LUMPUR (Oct 28): Malaysian Government-owned fund manager Permodalan Nasional Bhd (PNB) plans to vote against IOI Corp Bhd's proposal in the annual general meeting (AGM) next Monday (Oct 31) to authorise IOI Corp's directors to allot and issue shares, due to insufficient disclosure on the matter.
"[There's] insufficient disclosure of the purpose and planned utilisation of proceeds from the proposed share issuance," PNB said in a statement.
According to IOI Corp's latest annual report, PNB and related entities collectively own a 7.91% stake in the company, which has about 6.2 billion outstanding shares.
The largest shareholder is Progressive Holdings Sdn Bhd with a 50.38 % stake in IOI Corp, followed by the Employees Provident Fund with 10.48%, according to the annual report.
PNB, however, said in its statement that it plans to vote in favour of IOI Corp's remaining eight AGM proposals, which include the planned re-election of the company's directors, and renewal of its existing share buy-back authority.
PNB is one of the largest fund management companies in Malaysia, with assets under management of RM336.7 billion as at Dec 31, 2021, according to its website.
"PNB's portfolio covers strategic investments in Malaysia’s leading corporates, global equities, private investments, real estate and fixed income," the fund manager said.
CalSTRS to vote for all nine proposals in IOI Corp's AGM
Meanwhile, the California State Teachers' Retirement System (CalSTRS), which is the second largest public pension fund in the US with assets valued at about US$288.6 billion (about RM1.36 trillion) as of Sept 30, said in a statement it plans to vote in favour of all nine proposals in IOI Corp's AGM.
CalSTRS, the investment portfolio of which includes public equity and fixed income, also votes in shareholders' meetings of other public listed companies in Malaysia, including Hong Leong Financial Group Bhd and Bermaz Auto Bhd, according to CalSTRS' website.
At the time of writing on Friday (Oct 28), IOI Corp had fallen one sen or 0.25% to RM4.03, giving the company a market capitalisation of about RM24.99 billion, based on an estimated 6.2 billion outstanding shares.
The shares were traded at between RM4.01 and RM4.05 so far in the day.