EPF seeks RM1.28b loan to pro­tect against forex risks

The Sun (Malaysia) - - SPEAK UP -

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.

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