KUALA LUMPUR (March 5): Swiss investment bank UBS Group AG has pared its stake in YTL Corp Bhd by 0.53% to 5.86%.

According to a filing on Tuesday, UBS disposed of the 0.53% stake, comprising 57.82 million shares, on Feb 29.  

Based on Feb 29’s closing price of RM2.67, the block of shares would be worth RM154.38 million.

Adding on the 7.93 million shares UBS disposed of on Feb 13, UBS has sold a total of 65.74 million shares or a 0.6% stake in YTL Corp in February, leaving it with 642.18 million shares or a 5.86% stake.

UBS emerged as a substantial shareholder of the utilities-to-resorts conglomerate with a 5.46% stake in June last year after its merger with Credit Suisse Group AG, following its Swiss competitor’s collapse.

The bank’s shareholding in YTL Corp had peaked in January this year with 713.84 million shares or a 6.51% stake.

Shares in YTL Corp ended five sen or 1.87% lower at RM2.62 on Tuesday, giving the group a market capitalisation of RM28.88 billion.

The counter has climbed 38.62% year to date and 372.07% over the last 12 months.

Most recently, YTL Corp rallied to a record high of RM2.71 on Feb 27 after the group reported another set of strong earnings.

YTL Corp’s net profit for the second quarter ended Dec 31, 2023 rose sixfold to RM589.21 million from RM96.91 million a year ago, lifted by stellar results from 55.57%-owned YTL Power International Bhd as well as 78.58%-owned Malayan Cement Bhd.

Quarterly revenue rose 14.2% to RM7.53 billion from RM6.59 billion previously.