MCA president Datuk Seri Dr Wee Ka Siong clarified the Employees' Provident Fund's (EPF) transactions involving Malaysia Airports Bhd (MAHB) shares, refuting accusations from Kampar MP Chong Zhemin. Dr Wee provided a detailed breakdown of the share sales and repurchases, emphasizing the General Offer price of RM11 per share and challenging Chong to initiate a comprehensive investigation.
Datuk Seri Dr Wee Ka Siong has responded to Kampar MP Chong Zhemin's accusations of arrogance and mathematical incompetence. Chong had previously challenged Dr Wee, stating he would retire from politics if it could be proven that the Employees' Provident Fund ( EPF ) had lost even a single ringgit from the sale of Malaysia Airports Bhd ( MAHB ) shares.
Dr Wee, in a video posted to his Facebook account, refuted Chong's claims and provided a detailed explanation of the transactions involving EPF and MAHB shares. He emphasized that in 1999, EPF acquired MAHB shares at RM2.50 per share. Twenty-four years later, in 2023, these shares were sold at RM6 per share. However, crucially, by the end of 2024, EPF repurchased the same shares at RM11 per share as part of a General Offer (GO) for the privatization and delisting of MAHB from the stock market. Dr Wee stressed that the GO price of RM11 per share was determined by EPF, not a third party. He highlighted that EPF's ownership stake in MAHB dropped from 15.67% in 2022 to 5.787% by December 28, 2023, following the sale of shares at lower prices. Dr Wee further explained that on May 15, 2024, EPF announced plans to buy back shares, increasing its stake to 30%, a necessary prerequisite for MAHB's privatization. This repurchase was conducted at RM11 per share, significantly higher than the earlier sale price. He argued that Chong's justification for the higher purchase price as a 'long position,' expecting MAHB's share price to rise above RM11 per share, was illogical because MAHB would be delisted, meaning there would be no market-driven price increase. Dr Wee challenged Chong to conduct a thorough investigation and audit of the MAHB share transactions between November 26, 2022, and December 28, 2023, when EPF's ownership stake significantly diminished. He also called for an audit of all transactions throughout 2024 to identify any individuals who may have benefited or suffered losses from the complex dealings
EPF MAHB DR WEE KA SIONG CHONG ZHEMIN SHARE TRANSACTIONS GENERAL OFFER PRIVATIZATION DE LISTING
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MCA President Dr. Wee Ka Siong: A Voice for the People and Checks and Balances in Malaysia's Unity GovernmentThis article examines the views and priorities of Dr. Wee Ka Siong, president of the Malaysian Chinese Association (MCA), within the context of Malaysia's unity government. He discusses the MCA's role in attracting Chinese investment, his concerns regarding the SST and e-invoicing systems, and his call for a re-evaluation of foreign worker contributions to the EPF.
Read more »
Wei Chong-Kai Wun to Lead Malaysia in Asia Mixed Team ChampionshipsMan Wei Chong-Tee Kai Wun are set to lead Malaysia in the Asia Mixed Team Championships after winning the Indonesian Masters.
Read more »
Malaysian Duo Wei Chong-Kai Wun Clinch Indonesian Masters TitleMan Wei Chong and Tee Kai Wun, a Malaysian men's doubles badminton pair, have achieved a significant career milestone by winning the prestigious Indonesian Masters title. This victory marks their first-ever Super 500 tournament win and comes after a string of losses to their Indonesian opponents.
Read more »
Malaysian Doubles Pair Wei Chong-Kai Wun Clinch Indonesian Masters TitleMan Wei Chong and Tee Kai Wun made history by defeating the Indonesian pair Fajar Alfian-Rian Ardianto in the final of the Indonesian Masters, securing their first World Tour Super 500 title. The victory was particularly sweet for the Malaysians as they had lost to the Indonesians in their previous four encounters.
Read more »
Malaysia's Man Wei Chong-Tee Kai Wun Triumph at Indonesia Masters, Rexy Mainaky Outs HighlightsNewly crowned Indonesia Masters men's doubles champions Man Wei Chong-Tee Kai Wun are tipped to achieve even greater success according to Akademi Badminton Malaysia coaching director Rexy Mainaky. Mainaky emphasized the importance of consistency and a focused approach for the pair after their stunning upset victory over top seeds Fajar Alfian-Muhammad Rian Ardianto. He also noted the strong performances of other Malaysian representatives at the tournament, including Aaron Chia-Soh Wooi Yik. Meanwhile, Mainaky expressed regret for Pearly Tan-M. Thinaah's loss in the women's doubles final, citing a few crucial hesitations that allowed their opponents to capitalize.
Read more »
Rexy points out what Wei Chong-Kai Wun must do to keep rockingHong Leong Bank’s Wealth Symposium 2025 shares this year’s economic house view; anticipates up to 5% growth for Malaysian economy.
Read more »