EPF ceases to be substantial shareholder in IOI Properties after selling 100 mil shares

KUALA LUMPUR (Oct 8): The Employees Provident Fund (EPF) has ceased to be a substantial shareholder of IOI Properties Group Bhd (KL:IOIPG) after almost nine years, as it trimmed its stake in the counter which had risen to a one-month high in a rally.

The pension fund, which emerged as a substantial shareholder of IOI Properties in January 2017, disposed of 100 million shares or a 1.82% stake on Oct 3, according to the group's filing with Bursa Malaysia on Wednesday (Oct 8).

The sale reduced EPF’s shareholding in the property developer to 4.29% from 6.11% previously.

IOI Properties' largest shareholder is Vertical Capacity Sdn Bhd — controlled by the family of IOI Corp chairman Tan Sri Lee Shin Cheng — with a 65.67% stake.

The share price closed at RM2.18 on Oct 3, its highest in a month, valuing the block sold by EPF at about RM218 million.

The stock slipped one sen or 0.47% to RM2.14 on Wednesday, giving the group a market capitalisation of RM11.78 billion. Still, the counter has gained over 26% from its low of RM1.69 in early April.

In August, IOI Properties confirmed plans to establish a real estate investment trust (REIT) to be listed on Bursa Malaysia’s Main Market. To facilitate the exercise, it incorporated IOIPG REIT Management Sdn Bhd, a wholly-owned subsidiary, as the management company for the REIT.

For the fourth quarter ended June 30, 2025, IOI Properties’ underlying profit before tax — a measure of its core operating profitability — surged to RM214.1 million from RM87.3 million a year earlier. The strong improvement was driven by higher contributions from its property development business and strategic expansion into the hospitality and leisure segment. Revenue climbed 13.7% to RM890.21 million from RM782.61 million.