Malaysia’s EPF abstains from Sunway’s IJM Corp takeover vote due to its shareholdings in both companies, citing a conflict of interest.
KUALA LUMPUR: The Employees Provident Fund (EPF) abstained from voting on Sunway Bhd’s conditional voluntary takeover offer for IJM Corporation Bhd.
The major shareholder in IJM Corp recorded its decision as “abstained” in its voting decisions disclosure.
EPF stated it voluntarily abstained due to its shareholdings in both Sunway Bhd and IJM Corp.
The fund’s rationale highlights a potential conflict of interest from its dual investments.
The shareholder meeting for the proposed takeover was held.