EPF to sell stake in British American Tobacco


Syndicated News
Written by Syndicated News

KUALA LUMPUR, Feb 4 2016 : The Employees Provident Fund plans to dispose its stake in British American Tobacco at the right price, its Deputy Chief Executive Officer (Investment) Datuk Mohamad Nasir Ab Latif said today.

The fund has a 6.7 per cent direct stake in the tobacco firm and owns 0.7 per cent via an external fund manager.

“EPF has historically never invested in gambling stocks or alcohol stocks. In fact, we no longer invest in tobacco stocks. We kept what we had (invested in the past) and at the right time we will exit (from) it,” he said.

However, the disposal of the stocks will be done at the right price, he told reporters at a media briefing here today.

“There is no time line (to dispose the stake). When we feel that the stock has reached its full potential and the price is right, we will exit (sell),” he said.

Meanwhile, on the disposal of assets in the United Kingdom, he said the pension fund, which still owned office buildings in London, had found a suitor for the assets.

However, Mohamad Nasir was quick to point out that it was not in a rush to dispose them.

“We are getting good rental income from the properties. But, off course if somebody comes and makes us an irresistible offer (price), I am going to take it and invest the proceeds somewhere else,” he said.

Last year, EPF sold the ‘One Sheldon Square’ office building in London for RM1.14 billion.

Besides office buildings in London, EPF also owns 12 hospitals that spreads around the United Kingdom, purchased in 2013.

EPF’s investment is spread over 30 countries. – Bernama



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