Bursa Securities to consider EPF's appeal to vote

PETALING JAYA: Bursa Securities has agreed to put forward the requests made by RHB Capital Bhd (RHBCap) and the Employees Provident Fund (EPF), to make representations to the Appeals Committee (AC).
The request was put forward after the EPF was barred from voting in the proposed merger of CIMB Group Holdings Bhd, RHBCap and Malaysia Building Society Bhd (MBSB), due to its substantial stake in all three groups.
The requests for representatives of RHBCap and MBSB to hold a watching brief, as well as for representatives of the EPF to appear and make oral representation before the AC, will be put to the AC for its consideration, Bursa Malaysia Securities Bhd said in a letter on Thursday.
However, Bursa Securities noted that, "There is no automatic right to oral representation and it is the prerogative of the AC to allow or disallow such requests.
"As such, representatives of RHBCap, MBSB and EPF are requested to be present on Dec 10, 2014 in the event the AC grants the requests."
On Oct 31, Bursa Securities refused to give its consent for the EPF to vote on the CIMB-RHBCap-MBSB merger on grounds that the EPF has a stake in all three entities.
To recap, EPF holds a 41.5% stake in RHBCap, 14.6% in CIMB and 64.7% in MBSB.
With RHB acquiring CIMB, approval from at least 50% of RHBCap's shareholders is required for the deal to go through. Abu Dhabi-based Aabar Investments holds a 21.2% stake in RHB but will now hold 36% of the voting shares since the EPF cannot vote.