Friday, September 2, 2011

EPF steps up accumulation of AirAsia shares

KUALA LUMPUR: The Employees Provident Fund (EPF) Board continued to raise its stake in AIRASIA BHD [], with the latest acquisitions involving nearly 10 million shares.

A filing with Bursa Malaysia showed the EPF bought 4.277 million shares on Aug 25 and 5.720 million shares the next day.

The latest acquisitions saw the EPF increasing its shareholding to 346.047 million shares or 12.47%.

AirAsia share price closed at RM3.47 on Aug 25 and at RM3.34 the next day.

The stock was among those with high foreign shareholdings which were sold down by foreign funds.

OSK Research is maintaining AirAsia as one of its Top 10 Buys given its resilient business model that will benefit from downtrading and lower oil prices. It raised its forecasts by between 9% and 16% and its fair value to RM5.18

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