EPF ups stake in Litrak, becomes major shareholder in property developer UEM Sunrise

Visual from the EPF website

The Malaysian Employees Provident Fund (EPF) recently raised its stake to over 6 per cent in Lingkaran Trans Kota Holdings Bhd (Litrak) after buying 293,400 shares in the highway concessionaire.

In a statement to Bursa Malaysia on Wednesday, Litrak said the EPF increased its shareholding to 34.49 million shares or 6.68 per cent  after the purchase. On May 22, it held a 6.63 per cent stake.

According to the statement, EPF bought the 293,400 shares in four transactions between May 25 and 28.

EPF had acquired 17,300 and 4,900 Litrak units on May 25 and 26 respectively, and another 17,000 and 254,200 Litrak shares on May 27 and May 28 respectively.

The controlling shareholder in Litrak is currently construction firm Gamuda Bhd, with a 44.58 per cent stake.

Litrak, which has a market capitalisation of RM2.16 billion at its Friday’s close of MYR4.19, is the concessionaire for Lebuhraya Damansara-Puchong (LDP) in the Klang Valley.

Separately, EPF has also emerged as a major shareholder in property developer UEM Sunrise Bhd.

On May 27, UEM said in a stock exchange filing that the fund raised its stake to 5.009 per cent by acquiring 1.027 million shares. Over the following two days, the fund continued to up its stake to 5.19 per cent by accumulating another eight million shares.

At the end of March this year, EPF had pared down its stake to 4.98 per cent, ceasing to be a substantial shareholder in UEM Sunrise.

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