Malaysia's state pension fund Employees Provident Fund, or EPF, said it abstained from voting on the proposed conditional voluntary takeover offer for builder IJM Corp MYX:IJM because it holds shares in both Sunway MYX:SUNWAY and IJM.
EPF disclosed the decision in a voting note dated Thursday posted on its investment stewardship website.
Sunway, a Malaysian conglomerate, announced on January 12 the takeover offer for IJM at 3.15 ringgit per share, valuing the builder at about 11 billion ringgit ($2.7 billion), with 10% of the consideration in cash and 90% in new Sunway shares.
EPF holds a 19.72% stake in IJM and a 9.56% stake in Sunway, according to LSEG data.
($1 = 4.0120 ringgit)