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PAS : KE ARAH PEMERINTAHAN ISLAM YANG ADIL
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M'sian pension fund bets on stocks again
Kumpulan Wang buys 24.4m CAHB shares; paper loss on
CAHB alone could be RM44m
By Eddie Toh KUMPULAN Wang Amanah Pencen (Kwap),
apparently unchastened after
coming under fire for its costly bet on the initial
public offering
of Time dotCom last month, has made another
substantial acquisition
in the Malaysian stock market.
Kwap declared yesterday that it bought 24.4 million
shares in
Commerce Asset-Holding Berhad (CAHB), the owner of the
second largest
bank in the country, late last month.
The government agency is now a substantial shareholder
with a 2.07
per cent stake in its maiden purchase of the parent of
Bumiputra-Commerce Bank.
Kwap said it acquired the shares on the open market.
However, analysts said Kwap could have purchased some
of the shares
from substantial shareholders as only 1.2 million CAHB
shares changed
hands in the market on the transaction date of March
22. Furthermore,
only a handful of owners own more than 2 per cent of
CAHB.
According to its annual report, the major CAHB
shareholders are the
Ministry of Finance (16.75 per cent), Khazanah
Nasional (15.03 per
cent), New Straits Times Press (12.85 per cent),
Renong Bhd (12.16
per cent), the Employees Provident Fund (9.3 per
cent), Sanwa Bank
(4.56 per cent), and Capital Group (2.84 per cent).
The seller or sellers of the shares have yet to
disclose their disposals.
But the sellers are not likely to be fellow government
agencies like
Khazanah or the EPF, which have been mopping up shares
of CAHB and
other Malaysian companies in the last few months.
It is still not known if the shares had belonged to
Renong or NSTP.
The two companies have been trying to unload their
CAHB stakes in the
last two years to pare down their debts.
A dealer said the shares could have come from Capital
Group. The US
fund manager has disposed of seven million CAHB shares
in the last
four months, but still owns about 26 million CAHB
shares.
Kwap, which manages the country's pension funds for
800,000 retirees,
is likely to be sitting on a huge paper loss of almost
RM44 million
(S$20.9 million) from its investment in CAHB.
The pension fund did not disclose the purchase price,
but the shares
were worth RM169.4 million based on the market price
of RM6.95 on the
acquisition date.
CAHB's share price has since eased to RM5.15
yesterday, valuing the
Kwap investment at RM125.5 million.
Kwap's recent aggressive streak in the Malaysian
bourse has raised
eyebrows though.
Last month, Kwap, which comes under the office of
Finance Minister
Daim Zainuddin, disclosed that it coughed up RM904
million in cash to
take up 273.9 million unwanted Time dotCom shares at
RM3.30 apiece
following its dismal IPO.
Time dotCom, which is part of the Renong stable,
closed at RM1.99 yesterday.
And in December, Kwap bought Brunei Investment
Agency's entire 70
million shares in national carrier Malaysian Airline
System at RM4
apiece. MAS closed at RM2.60 yesterday. Kwap is now
sitting on an
estimated whopping paper loss of RM500 million from
its recent
investments in Time dotCom, MAS and CAHB.
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