KUALA LUMPUR: The Employees Provident Fund (EPF) has appealed to Bursa Malaysia for its right to vote on the merger of CIMB Holdings Bhd with RHB Capital Bhd (RHBCap) and Malaysia Building Society Bhd (MBSB).
The EPF — which owns about 14.5 per cent of CIMB, 41 per cent of RHBCap and 65 per cent of MBSB — appealed to the local bourse via RHBCap and MBSB. Both RHBCap and MBSB submitted the appeal to Bursa Malaysia yesterday.
The EPF, Malaysia’s biggest pension fund, was barred from voting on the mega merger on October 22 after failing in its argument that the interests of its 14 million members were at stake.
Bursa had stated that there are no adequate justifications that the potential conflict of interests involving EPF has been eliminated or sufficiently mitigated.
With EPF being abstained from voting, RHBCap’s substantial shareholders Abu Dhabi’s Aabar Investment PJSC and OSK Holdings Bhd, hold the majority of voting rights on the deal.