KUALA LUMPUR (June 9): The Employees Provident Fund (EPF) bought a 5.02% stake in 99 Speed Mart Retail Holdings Bhd (KL:99SMART) via a direct off-market deal, a bourse filing showed.
The provident fund acquired 421.79 million shares in the minimart chain operator on June 4.
This is the first block of shares that EPF holds in 99 Speed Mart, which was included on the KLCI component stocks list in December last year.
The vendor and transaction price were not disclosed in the filing. Based on the closing price of RM2.06 on June 4, the block of shares was valued at RM868.89 million.
99 Speed Mart’s chief executive officer Lee Thiam Wah is the single largest shareholder controlling 79.68% equity interest in the company founded by himself.
The Securities Commission Malaysia granted the minimart chain a waiver from meeting the minimum 25% public spread requirement for its listing exercise.
Shares in 99 Speed Mart gained one sen to RM2.10 on Monday, valuing the group at RM17.64 billion.
The group made its Main Market debut in September last year at an initial public offering price of RM1.65 per share. The stock hit a high of RM2.58 last December.