This article first appeared in The Edge Malaysia Weekly on August 31, 2026 - September 6, 2026
SHARES of KPJ Healthcare Bhd (KL:KPJ) came under selling pressure following the announcement of the resignation of its president and managing director Chin Keat Chyuan on Aug 21, after having headed the group for nearly three years. The healthcare group had informed Bursa Malaysia that Chin was leaving to pursue other interests.
KPJ’s shares, which closed at RM3.13 on Aug 20, plunged over the week to RM2.70 last Friday, valuing the company at RM11.95 billion. An estimated RM1.9 billion was wiped out within days of the announcement.
KPJ’s share price experienced a strong run during Chin’s tenure. From RM1.09 on Sept 1, 2023, when he took over as president and managing director, it climbed as much as 216% to a record high of RM3.50 on April 2, 2026.
The day before the announcement, the Employees Provident Fund (EPF) disposed of 8.55 million shares in KPJ. The shares would have been worth about RM26.76 million, based on KPJ’s Aug 20 closing price of RM3.13.
The fund had been accumulating KPJ shares over the last few months. Based on KPJ’s filings with Bursa, the EPF’s stake in the company peaked at around 902 million shares, equivalent to 20.37% equity interest, on July 8 before it began taking profit.
KPJ’s 2025 annual report lists the EPF as its second largest shareholder with 722.64 million shares, or 16.33% equity interest, as at March 31, 2026, behind Johor Corporation’s total direct and indirect interest of 42.51%. Waqaf An-Nur Corp Bhd — Johor Corporation’s corporate social responsibility and Islamic endowment arm — held 6.32%.
Over the week following the announcement of Chin’s exit, the EPF continued to pare down its stake in the healthcare group, leaving it with a balance of 801.98 million shares as at Aug 27.
Also on Aug 21, KPJ announced that Chin had disposed of all 981,500 of his shares in the company for RM3.068 million, bringing his direct interest to zero.
“He acquired 100,000 shares in his first year, 600,000 shares during the second year, and more subsequently on the open market,” says an analyst. These are not the shares awarded to Chin in May 2025 as part of KPJ’s long-term incentive plan.
“We do not know where Chin [is going], but his resignation and share sale sent a very negative signal to the market,” the analyst adds.
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