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ValueCap to receive RM6 billion by end-November
by Cals Tue 20 Oct 2015, 00:19
ValueCap to receive RM6 billion by end-November
By Tan Siew Mung / theedgemarkets.com | October 19, 2015 : 6:13 PM MYTKUALA LUMPUR (Oct 19): [size=16]ValueCap Sdn Bhd should be receiving RM6 billion by end-November — part of the RM20 billion additional seed capital for the asset management firm to buy undervalued stocks in the local stock market that was battered in the last quarter, according to Kumpulan Wang Persaraan (Diperbadankan) (KWAP) chief executive officer Wan Kamaruzaman Wan Ahmad.
Wan Kamaruzaman said KWAP is finalising the shareholders' agreement on additional funding for ValueCap and all the three shareholders need to present the shareholder agreement to the board.
He was speaking to reporters after the signing ceremony of Malaysian Code of Corporate Governance betweenMinority Shareholder Watchdog Group and KWAP.
To recap, Prime Minister Datuk Sri Najib Razak last month announced that RM20 billion will be injected into ValueCap to lend support to the local stock market by acquiring undervalued stocks.
KWAP is one of the three shareholders of ValueCap. The other two shareholders, Khazanah Nasional Bhd andPermodalan Nasional Bhd, are each expected to chip in RM6 billion.
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