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Norway’s central bank now owns substantial stake in Cahya Mata | Scoop
The Cahya Mata Sarawak headquarters in Kuching. – Cerevisae Wikimedia Commons pic, September 15, 2023
News

Norway’s central bank now owns substantial stake in Cahya Mata

It has emerged Norges Bank now holds 5.03% of shares in local conglomerate

Updated
9:42 PM MYT

 

KUALA LUMPUR – Norway’s central bank and sovereign wealth fund manager, Norges Bank, is now a substantial shareholder of Cahya Mata Sarawak Bhd.

In a statement by Cahya Mata today, based on the notice of interest of a substantial shareholder dated September 14, the Norwegian bank has acquired 54,051,439 shares, which represents a 5.03% stake in Cahya Mata.

According to its website, Norges Bank Investments has a value of 15,299 billion kroner (RM6,681.09 billion) as of June 30, and it presently stands as the largest single owner in the world’s stock markets.

In total, 71.3% of its investments were in equities, 26.4% in fixed income, 2.3% in unlisted real estate, and 0.1% in unlisted renewable energy infrastructure across assets. Its investment exposure spans across most markets, countries, and currencies worldwide.

“Norges Bank’s mission is to promote economic stability and manage substantial assets on behalf of the Norwegian people,” read the statement.

“As part of its investment strategy for the Government Pension Fund Global (GPFG), Norges Bank seeks to optimise returns within the framework of its investment mandate.

“Its responsibilities in managing the GPFG are regulated by means of regulations issued pursuant to the Act relating to the GPFG and a separate management agreement with the Finance Ministry.

“These regulations guide the bank’s investment decisions and ensure that they are made in accordance with the best interests of the Norwegian people,” read the statement.

Cahya Mata is a well-established conglomerate based in Sarawak with diversified business interests.

These include cement, phosphate manufacturing, oil tools, road maintenance, property development, financial services, telco-infrastructure, and recently, entry into the circular economy arena with the acquisition of Cahya Mata Alam, a research and development centre, as well as a manufacturing plant of eco-composite materials. – September 15, 2023

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