2 days ago
- Business
- New Straits Times
EPF lifts YTL Corp stake by nearly 170mil shares to 7.82pct in two weeks
KUALA LUMPUR: The Employees Provident Fund (EPF) has continued its buying streak in YTL Corp Bhd, lifting its stake to 7.82 per cent or 888.05 million shares as of July 7.
This marks an accumulation of over 169.47 million shares in multiple transactions from 6.35 per cent, up 1.47 percentage points in just two weeks, YTL Corp's bourse filings show.
Over the same period, shares of YTL Corp have climbed 17.87 per cent or 37 sen to RM2.44 on July 3, from RM2.07 on June 23, in a rally that may have been driven by the fund's support.
Notably, on June 25, EPF purchased 125.89 million shares in three transactions when the stock was trading between RM2.10 and RM2.14, significantly boosting its stake from 6.35 per cent to 7.45 per cent in just two days.
Based on market prices at the time, EPF is estimated to have spent around RM266.88 million on that day alone.
This followed an earlier buy on June 23, where EPF acquired 10 million shares at a time when YTL Corp was trading between RM2.07 and RM2.12.
Another 10 million shares were purchased on July 7 when the stock was hovering at RM2.42 to RM2.47, bringing its stake to the latest 7.82 per cent.
EPF had re-entered YTL Corp as a substantial shareholder on Jan 8, with a 5.03 per cent stake after acquiring six million shares when the stock was trading at RM2.65.
It had previously exited the company's substantial shareholder list in April 2023.
The current accumulation appears to be a strategic move to lower the average entry cost while riding on YTL Corp's growth outlook.
This includes the firm's ventures into data centres and renewable energy infrastructure, which have drawn investor attention.
Meanwhile, the retirement fund also raised its stake in property developer Gamuda Bhd by 63.73 million shares, increasing its holding by 1.10 percentage points, from 14.36 per cent to 15.46 per cent, over the same period.
Gamuda shares traded between RM4.70 and RM5.10 during that time. EPF has been a substantial shareholder in the company for at least four years.
