Norway S Norges Bank Snaps Up Stake In Cahya Mata Sarawak

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CMS is a Sarawak-based conglomerate with diversified interests that include cement, phosphates manufacturing, oiltools, road maintenance, property development and financial services. (Facebook pic)PETALING JAYA: Norges Bank, which manages Norway’s Government Pension Fund Global, has become a substantial shareholder of Cahya Mata Sarawak Bhd (CMS) after acquiring a 5.03% stake or 50.05 million shares in the Sarawak-based cement manufacturer.
In a filing with Bursa Malaysia today, CMS said Norges Bank bought the shares on Sept 8. The purchase price for the stake was not disclosed.
However, based on its closing price of RM1.05 on Sept 8, Norges Bank could have forked out RM56.75 million for the stake.
Citing the bank’s website, CMS said in a statement that Norges Bank investments has a value equivalent to US$1.42 trillion as at June 30, 2023 and stands as the largest single owner in the world’s stock markets.
In total, 71.3% of its investments were in equities, 26.4% in fixed income, 2.3% in unlisted real estate, and 0.1% in unlisted renewable energy infrastructure across assets and its investments exposure span across most markets, countries and currencies worldwide.
Norges Bank’s mission is to promote economic stability and manage substantial assets on behalf of the Norwegian people, according to its website.
According to Bloomberg, Norges is the fifth-largest shareholder of CMS after Sarawak Economic Development Corp (5.67% stake), Lembaga Tabung Haji (7.46%), the family of Sarawak Yang di-Pertua Negeri and former chief minister Abdul Taib Mahmud’s late wife Laila Taib (10.33%), and Majaharta Sdn Bhd (12.55%).
Taib’s sons are on the CMS board – Mahmud Abu Bekir Taib as deputy group chairman and Sulaiman Abdul Rahman Taib as group managing director.
CMS posted a 33.42% drop in net profit to RM26.35 million in the second quarter ended June 30 (Q2 FY2023) from RM39.57 million a year ago, attributed to a lower share of profit of associates and bigger loss before tax by its phosphate division.
Ads by KioskedRevenue rose 38.52% to RM290.52 million from RM209.74 million.
CMS is a conglomerate with diversified business interests including cement, phosphates manufacturing, oiltools, road maintenance, property development, financial services, and telco-infrastructure, amongst others.
CMS’ share price closed 1 sen or 0.94% higher at RM1.07, giving the group a market capitalisation of RM1.15 billion. - FMT

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