EPF to reduce stake in RHB Cap by mid-2011

The Employees Provident Fund (EPF) will pare down its stake in RHB Capital Bhd to 40% by mid-2011, said chief executive officer Tan Sri Azlan Zainol.

“We have to sell down to 40% by the middle of next year,” he said on the sidelines of Securities Commission-Bursa Malaysia Corporate Governance Week here yesterday.

He said the state pension fund had not identified potential buyers for its 57% stake in the country’s fourth-biggest bank by assets.

Meanwhile, Azlan said EPF aimed to grow its overseas investment to between 10% and 15% next year from only 7% now. “We want to look at bond papers as well as properties,” he said. — Bernama