EPF ceases to be substantial shareholder in YTL Power

KUALA LUMPUR (Dec 26): YTL Power International Bhd (KL:YTLPOWR) said on Thursday that the Employees Provident Fund (EPF) has once again ceased to be a substantial shareholder in the multi-utility owner and operator after offloading 14.93 million shares. 

EPF disposed of the shares on Dec 20. The value of the transaction was not disclosed in YTL Power’s filing with Bursa Malaysia on Thursday.

Based on YTL Power's closing price of RM4.14 on Dec 20, the block of shares was estimated to be worth RM61.79 million.

EPF first ceased to be a substantial shareholder in YTL Power on Nov 26 after disposing of 725,300 shares that could be valued at RM2.32 million on a back-of-envelope calculation using the day’s closing price of RM3.20. 

EPF then reemerged as a substantial shareholder of YTL Power after it acquired 1.57 million shares last week for roughly RM5.73 million, translating into a 5.02% stake. 

Over the same period, shares in YTL Power were seen to be recovering from their year-low of RM2.83 to reach Thursday's intraday high of RM4.32. This came as YTL Power’s 60%-owned unit YTL Communications Sdn Bhd was cleared by Malaysian Anti-Corruption Commission (MACC) of any wrongdoing in connection with the 1BestariNet project.

According to Bloomberg data, YTL Power's remaining substantial shareholder is YTL Corp Bhd (KL:YTL) with a 48.43% stake, followed by Yeoh Tiong Lay & Sons Family Holdings Sdn Bhd with 9.85% and Cornerstone Crest Sdn Bhd with 6.41%. 

Shares in YTL Power ended the day one sen or 2.39% higher at RM4.29, giving it a market capitalisation of RM35.47 billion. Year-to-date, shares in the company have appreciated nearly 67%. 

An earlier version of the article has been updated to clarify it is YTL Communications Sdn Bhd, not YTL Corp Bhd, which has been cleared by the MACC in connection with the 1BestariNet project.