KUALA LUMPUR (Oct 1): The Employees Provident Fund (EPF) disposed of 10.58 million shares in Petronas Chemicals Group Bhd on Monday (Sept 27) when the latter’s share price climbed to its highest in over two years, helped by updates including news of the planned restart of the company’s refinery and petrochemical complex in Pengerang, Johor by end-2021 after the facility was closed following a fire in March 2020.
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In a filing with Bursa Malaysia on Thursday (Sept 30), Petronas Chemicals said the EPF’s stake in the former fell to 7.37%, comprising 598.64 million shares, on Monday after the disposal of 10.58 million shares and the acquisition of 139,100 shares on the same day.
The EPF’s share sale and purchase on Monday translated into a net disposal of 10.44 million shares on that day.
Petronas Chemicals, however, did not specify at what price the share sale and purchase took place.
Prior to the transactions, the EPF had a 7.501% stake comprising 600.07 million shares in Petronas Chemicals last Friday (Sept 24), according to a filing on Wednesday (Sept 29).
On Monday, Petronas Chemicals’ share price rose as much as 31 sen or 3.82% to RM8.42 as investors weighed the positive impact of higher crude oil prices on average selling prices (ASPs) of its products.
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The intraday high of RM8.42 was the highest since July 12, 2019, when its share price closed at RM8.42.
The stock closed at RM8.26 on Monday.
Four days later, Petronas Chemicals settled two sen or 0.23% lower at RM8.68 at the 12.30pm break on Bursa, valuing the company at about RM69.44 billion based on its eight billion issued shares.
The stock was traded between RM8.58 and RM8.70 so far on Friday. -The Edge Markets