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World’s largest sovereign wealth fund raises ownership in BCorp, Genting Malaysia, PetChem; cuts Bursa, Top Glove, Serba Dinamik

KUALA LUMPUR (May 4): Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund with a market value of about 11.72 trillion Norwegian kroner (about RM5.66 trillion), had invested in 146 Bursa Malaysia-listed companies as at Dec 31, 2021, when the fund’s ownership in companies like Berjaya Corp Bhd (BCorp), Genting Malaysia Bhd and Petronas Chemicals Group Bhd (PetChem) had risen from a year earlier, according to the latest updates by the Norwegian central bank’s asset management unit.

Norges Bank Investment Management is the asset management unit of Norwegian central bank Norges Bank, which has been tasked to manage the Government Pension Fund Global, often referred to as Norway’s oil fund, the former said on its website.

Norges Bank Investment Management said the Government Pension Fund Global’s ownership in companies like Bursa Malaysia Bhd, Top Glove Corp Bhd and Serba Dinamik Holdings Bhd was, however, cut as at Dec 31, 2021 compared to a year earlier.

According to Norges Bank Investment Management, the fund’s ownership in BCorp had risen to 1% from 0.32% while its stake in Genting Malaysia was higher at 1.3% compared to 0.7%.

Meanwhile, the fund’s ownership in PetChem increased to 0.59% from 0.46%, according to Norges Bank Investment Management.

Norges Bank Investment Management said the fund’s ownership in Bursa was cut to 0.85% from 2.59%, while its stake in Top Glove was lower at 0.57% compared to 0.89%.

Meanwhile, the fund’s ownership in Serba Dinamik decreased to 0.04% from 0.07%, according to Norges Bank Investment Management.

Norges Bank Investment Management, which invests the Government Pension Fund Global’s money in around 9,000 companies across 70 countries, did not elaborate on the changes in its global investment figures.

"The fund is invested in international equity and fixed-income markets and in real estate and renewable energy infrastructure. The aim of the fund is to ensure responsible and long-term management of revenue from Norway’s oil and gas resources so that this wealth benefits both current and future generations of Norway.

"Our objective as manager of the fund is to generate the highest possible return on the fund. We aim to achieve this in a safe, efficient, responsible and transparent manner, and within government guidelines,” Norges Bank Investment Management said.

"As a long-term investor in around 9,000 companies in 70 countries, we have an interest in investors’ demands for profitability being aligned with society’s broader expectations of companies. We consider environmental and social issues, and publish clear expectations of the companies we invest in.  

"The fund itself may also decide to divest from companies that impose substantial costs on other companies and society as a whole, and so are not considered long-term sustainable,” Norges Bank Investment Management added.

At Bursa on Friday (April 29), BCorp’s share price closed down 0.5 sen or 1.92% at 25.5 sen, Genting Malaysia rose seven sen or 2.35% to RM3.05 while PetChem ended up 12 sen or 1.19% at RM10.22.

Bursa’s share price closed up four sen or 0.58% at RM6.99 while Top Glove ended unchanged at RM1.68.

Serba Dinamik’s share trade, which has been suspended since Oct 22, 2021, will resume next Monday (May 9). Prior to the suspension, Serba Dinamik shares were last traded at 35 sen.

Malaysian markets, which were closed on Monday and Tuesday (May 2 and 3) for the Hari Raya Aidilfitri holidays, remain closed on Wednesday (May 4), which has been redesignated as the replacement holiday for Labour Day, which fell on Sunday (May 1).

Malaysia’s replacement holiday for Labour Day was initially on Monday (May 2).

The country changed the replacement holiday for Labour Day to Wednesday (May 4) following the nation’s announcement on Sunday (May 1) that Hari Raya Aidilfitri would fall on Monday (May 2).

Malaysian market trades will resume on Thursday (May 5).


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