Malaysia’s state pension fund, the Employees Provident Fund (EPF), said it abstained from voting on the proposed conditional voluntary takeover offer for builder IJM Corp because it holds shares in both Sunway and IJM.
EPF disclosed the decision in a voting note dated Thursday, posted on its investment stewardship website.
Sunway, a Malaysian conglomerate, announced on January 12 the takeover offer for IJM at 3.15 ringgit per share, valuing the builder at about 11 billion ringgit ($2.7 billion), with 10% of the consideration in cash and 90% in new Sunway shares.
EPF holds a 19.72% stake in IJM and a 9.56% stake in Sunway, according to LSEG data.
Reuters
