KUALA LUMPUR (Feb 6): The Employees Provident Fund (EPF) has further increased its stake in in IJM Corporation Bhd to 20.4%, solidifying its position as the largest shareholder in the construction outfit.
In a bourse filing on Friday, the retirement fund said it acquired 4.07 million IJM shares in three tranches on Feb 3, raising its total shareholding to 714.91 million shares.
No transaction price was disclosed, but EPF is estimated to have spent around RM11.11 million on that day based on the closing price of RM2.73 per share.
Including these transactions, the EPF has accumulated nearly 60 million shares in IJM in multiple transactions since Sunway Bhd (KL:SUNWAY) launched a voluntary general offer for IJM on Jan 12. This represents an increase of 1.69% from its initial 18.7% stake.
In a separate development, IJM chairman Tan Sri Krishnan Tan was released on Friday after being detained overnight to assist investigations by the Malaysian Anti-Corruption Commission (MACC).
Without naming Tan, MACC chief commissioner Tan Sri Azam Baki said the company’s top official was released within 24 hours due to his health condition.
“The investigation is still ongoing, and I am unable to comment on whether he will be charged at this stage,” Azam told The Edge in a text message when asked about the detention.
IJM is being probed by the MACC as the agency cooperated with the UK Serious Fraud Office in investigating allegations of a RM2.5 billion money laundering scheme involving individuals linked to the company.
The construction and infrastructure company has rejected the allegations, describing the claims as unfounded.
In January, investigators from the MACC visited IJM’s office, alongside officers from the Inland Revenue Board to obtain documents.
Shares of IJM closed seven sen or 2.5% lower at RM2.73 on Friday, valuing the company at RM9.96 billion. The stock has risen 20% since the start of the year.