The Employees Provident Fund (EPF) continues to increase its stake in Sunway Berhad after the company announced a conditional takeover offer worth RM11 billion for IJM Corporation Berhad.
The EPF reportedly collected 44.15 million Sunway shares between January 13 and February 11, continuing its continuous accumulation trend since the end of last year.
Since the beginning of this year, the EPF has added 64.07 million shares, most of which were acquired following the official announcement of Sunway's takeover offer for IJM on January 12.
Meanwhile, on January 13, the EPF purchased more than 10 million Sunway shares, which was the institution's largest daily purchase so far this year.
The purchase saw Sunway shares close 0.89% higher at RM5.65 by the end of the trading session.
The counter's trading volume surged to its highest level in almost two months, supported by EPF transactions that made up almost 50% of the total 22.3 million shares traded.
According to Bursa Marketplace data, EPF's stake in Sunway is estimated to be worth about RM3.65 billion and EPF is the third largest institutional shareholder in the sector.
Sunway shares were last traded at RM5.77 with the company's market value reaching around RM39 billion, up 2% since the beginning of this year.
At the same time, Sungei Way Corp Sdn Bhd and Jef-San Enterprise Sdn Bhd remained the largest shareholders, with holdings of 46.89% and 9.43% respectively.
