The largest sovereign fund in the world increases its shares in BCorp, Genting Malaysia, PetChem; Bursa fit, Top Glove, Serba Dinamik

KUALA LUMPUR (May 4): Norwegian government pension fund Global, the world’s largest sovereign wealth fund with a market value of around 11.72 trillion Norwegian kroner (about RM5.66 trillion), had invested in 146 companies listed in Bursa Malaysia as of Dec. 31, 2021, when the fund’s stake in companies like Berjaya Corp Bhd (BCorp), Genting Malaysia Bhd and Petronas Chemicals Group Bhd (PetChem) increased from a year earlier, according to the latest updates from the Asset Management Unit of the Norwegian Central Bank.

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

Norges Bank Investment Management said the Government Pension Fund Global’s stake in companies including Bursa Malaysia Bhd, Top Glove Corp Bhd and Serba Dinamik Holdings Bhd had, however, been reduced as of December 31, 2021 compared to a year earlier.

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

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

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

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

Norges Bank Investment Management, which invests money from the Government Pension Fund Global in about 9,000 companies in 70 countries, did not specify 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 objective of the fund is to ensure responsible and long-term management of the income of Norway’s oil and gas resources so that this wealth benefits both present 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 in compliance with government guidelines,” Norges Bank said. InvestmentManagement.

“As a long-term investor in approximately 9,000 companies in 70 countries, we have an interest in ensuring that investors’ profitability requirements are aligned with society’s broader expectations of companies. We take into account environmental and social issues and publish clear expectations of the companies in which we invest.

“The fund itself may also decide to divest from businesses that impose substantial costs on other businesses and on society as a whole, and therefore are not considered sustainable over the long term,” added Norges Bank Investment Management. .

In Bursa on Friday, April 29, BCorp share price closed down 0.5 sen or 1.92% at 25.5 sen, Genting Malaysia was up seven sen or 2.35% at 3.05 RM while PetChem finished up 12 sen or 1.19% at 10.22 RM.

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

Trading in Serba Dinamik shares, suspended since October 22, 2021, will resume next Monday (May 9). Prior to the suspension, shares of Serba Dinamik were last traded at 35 sen.

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

Malaysia’s replacement holiday for Labor Day was originally Monday (May 2).

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

Trading in the Malaysian market will resume on Thursday, May 5.

Read also:
Sharp drop in Norwegian oil fund investment in Malaysian government bonds

About Christian M.

Check Also

Funds have hundreds of millions of ‘untraceable’ pensioners in the pot

For example, the ABP does not know the contact details of 19,000 retirees, in part …