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PETALING JAYA: The Employee Provident Fund (EPF) has sold 7.15 million shares of Top Glove Corp Bhd, reducing its stake in the world’s largest manufacturer of medical gloves to 5.63%.
A report in The Edge said that EPF sold the shares in a single tranche on December 2.
Following this sale, the country’s largest pension fund now has 451.65 million shares, the business weekly reported.
The news comes days after The Edge reported that the EPF continued “its sell-off streak” on Top Glove after dumping another 12.83 million shares on November 30.
It sold 5.84 million shares on November 27 and sold 10 million shares the day before.
The news also comes days after EPF said that to rebalance its portfolio, it would analyze its liquid assets to meet withdrawals under the i-Sinar scheme.
EPF recently allowed taxpayers to make a one-time withdrawal of RM10,000 from their EPF Account 1, although there were certain conditions that had to be met.
The fund also said it expects the additional outflow from withdrawals by members affected by the Covid-19 pandemic to have a “minimal impact” on their long-term returns.
