EPF seeks RM1.28b loan to protect against forex risks
PETALING JAYA: The Employees Provident Fund (EPF) said yesterday it is taking, through its subsidiary Kwasa Global, RM1.28 billion in offshore financing to refinance assets in the United Kingdom.
In a statement, the EPF said the move is to help protect against volatilities in foreign currency and exchange rates.
The statement was released with regard to a message on a RM12 billion loan purportedly taken by the EPF from two lenders, namely Standard Chartered and DBS, being circulated on WhatsApp.
The EPF said in its statement that offshore financing reduces the foreign currency exposure of the global real estate investment and, therefore, is part of investment best practice. The deal is being undertaken through its subsidiary Kwasa Global and is still under negotiation, it added.
All investment decisions made by the EPF are in accordance with its risk-return profile, in line with ensuring that members’ retirement savings are safe and well managed, it said.