Eastspring joins parent Prudential as Ranhill substantial shareholder
KUALA LUMPUR: Eastspring Investments Bhd has emerged as a substantial shareholder of Ranhill Utilities Bhd, days after its United Kingdom-based parent Prudential plc crossed the five per cent threshold through its indirect interest in the company.
KUALA LUMPUR: Eastspring Investments Bhd has solidified its position as a significant shareholder of Ranhill Utilities Bhd, following its parent company Prudential plc's direct stake crossing the five percent mark. Eastspring acquired an additional 2.4 million shares on August 27, increasing its direct ownership to 65.88 million shares, equating to a 5.084 percent stake, according to Bursa Malaysia records.
The filing did not disclose the transaction price. Last week, Prudential solidified its substantial shareholding in the water-and-power firm, with its indirect interest reaching five percent, or 64.86 million shares. Prior to this, SIPP Power Sdn Bhd held the largest share, comprising 34.13 percent, followed by YTL Power International Bhd at 18.76 percent and Permodalan Darul Ta'zim Sdn Bhd with 9.02 percent.
Other insurance-related shareholders included Allianz Life Insurance Malaysia Bhd at 4.27 percent, AIA Bhd at 3.48 percent, and Great Eastern Life Assurance (Malaysia) Bhd with 1.63 percent. Ranhill's shares were trading at RM2.57 each, up six sen or 2.39 percent, as of the midday break, resulting in a market capitalization of RM3.33 billion.
The company currently has five research houses following its performance, with two recommending a Buy rating and three suggesting a Hold rating. Their target prices span from RM1.94 to RM3.26, with an average target of RM2.81, suggesting a potential 12 percent increase from the previous closing price of RM2.51.
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