PETALING JAYA: Norges Financial institution, which manages Norway’s Authorities Pension Fund International, has develop into a considerable shareholder of Cahya Mata Sarawak Bhd (CMS) after buying a 5.03% stake or 50.05 million shares within the Sarawak-based cement producer.
In a submitting with Bursa Malaysia immediately, CMS mentioned Norges Financial institution purchased the shares on Sept 8. The acquisition value for the stake was not disclosed.
Nevertheless, based mostly on its closing value of RM1.05 on Sept 8, Norges Financial institution may have forked out RM56.75 million for the stake.
Citing the financial institution’s web site, CMS mentioned in an announcement that Norges Financial institution investments has a price equal to US$1.42 trillion as at June 30, 2023 and stands as the biggest single proprietor on the earth’s inventory markets.
In complete, 71.3% of its investments have been in equities, 26.4% in mounted earnings, 2.3% in unlisted actual property, and 0.1% in unlisted renewable power infrastructure throughout property and its investments publicity span throughout most markets, nations and currencies worldwide.
Norges Financial institution’s mission is to advertise financial stability and handle substantial property on behalf of the Norwegian folks, based on its web site.
In line with Bloomberg, Norges is the fifth-largest shareholder of CMS after Sarawak Financial Growth Corp (5.67% stake), Lembaga Tabung Haji (7.46%), the household of Sarawak Yang di-Pertua Negeri and former chief minister Abdul Taib Mahmud’s late spouse Laila Taib (10.33%), and Majaharta Sdn Bhd (12.55%).
Taib’s sons are on the CMS board – Mahmud Abu Bekir Taib as deputy group chairman and Sulaiman Abdul Rahman Taib as group managing director.
CMS posted a 33.42% drop in internet revenue to RM26.35 million within the second quarter ended June 30 (Q2 FY2023) from RM39.57 million a yr in the past, attributed to a decrease share of revenue of associates and greater loss earlier than tax by its phosphate division.
Income rose 38.52% to RM290.52 million from RM209.74 million.
CMS is a conglomerate with diversified enterprise pursuits together with cement, phosphates manufacturing, oiltools, street upkeep, property improvement, monetary companies, and telco-infrastructure, amongst others.
CMS’ share value closed 1 sen or 0.94% greater at RM1.07, giving the group a market capitalisation of RM1.15 billion.