KUALA LUMPUR (Feb 20): Employees Provident Fund (EPF) made a profit of RM102 million from the share sale of Malaysia Airports Holdings Bhd or MAHB (KL:AIRPORT) in 2023 alone, Finance Minister II Datuk Seri Amir Hamzah Azizan said on Thursday.

The shares were sold at between RM6.80 and RM7.70 apiece when the counter outperformed the benchmark index by 12%, he told the Dewan Rakyat during the minister’s question time. All in all, the EPF gained RM650 million in income from trading and dividends from the stock since 2014, he noted.

“The allegation that the EPF suffered losses from this sale is unfounded,” Amir Hamzah said.

He was responding to Chong Zhemin (PH-Kampar), who asked about the total profit or loss incurred by the EPF from the purchase and sale of MAHB shares.

Several lawmakers, including MCA president Datuk Seri Dr Wee Ka Siong, have previously accused the EPF of suffering losses to the tune of RM500 million, when it pared down its holdings in the company in 2023, before news of the company’s privatisation broke.

The EPF and Khazanah Nasional Bhd led a consortium that launched a general offer in 2024 to privatise the airport operator at RM11 per share. The company will be delisted from 9am on Feb 25.

On Thursday, Amir Hamzah explained that share trading and the company’s recent privatisation are two distinct investments, differing in both objectives and management departments.

The pension follows a strict governance process through a “Chinese wall” protocol, which strictly prohibits the Strategic Investment Department responsible for the general offer from sharing sensitive and non-public information with the Equity Department, he said.

“This protocol ensures the separation of information to prevent conflicts of interest, and the risk of insider trading, which is a criminal offence under the Capital Markets and Services Act 2007,” he stressed.

Amir Hamzah also warned that if the EPF were to use insider information for trading, it would compromise market integrity, given its outsized 38% stake in Malaysia’s equity market.

“As Malaysia’s largest investment institution, the EPF takes its role in maintaining financial market stability seriously...any improper actions by the EPF could not only damage its reputation and standing, but also impact the overall performance of the country’s financial market,” he added.

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