The Employees Provident Fund (EPF) is awaiting the outcome of Plus Expressway Bhd's shareholders meeting in December before deciding on its next course of action in relation to the proposed acquisition of Plus's assets and liabilities.

Deputy chief executive officer for investment Shahril Ridza Ridzuan said apart from the shareholders' approval, the fund would also seek the green light from bondholders and the government.

"We have to discuss with the government on the concession agreement, because, any changes will require government approval on the concession as well," he said when asked about EPF's next course of action after its secured approval from Plus shareholders.

Shahril was speaking to reporters on the sidelines of Bursa Malaysia's business sustainability programme in Kuala Lumpur today.

Earlier this month, the board of Plus Expressways Bhd, South-East Asia's largest toll expressway operator, accepted the revised joint offer from EPF and UEM Group Bhd to acquire the company's assets and liabilities for RM23bil.

Bid to raise property investment

The proposed acquisition involves a cash payout of RM11 billion to minority shareholders and RM12 billion of the amount owing to Khazanah Nasional Bhd, UEM and EPF.

Asked on the potential merger, or takeover, involving IJM Land Bhd and Malaysian Resources Corp Bhd, Shahril said: We will look at the proposals first then we will decide on our position."

Meanwhile, the fund, from time to time, evaluates potential investments in the property sector, Shahril said.

Currently, less than two per cent of its total accumulated funds were invested in properties, which was well below the fund's strategic asset allocation target of five per cent for properties.

"It (the percentage) will grow over time but as for the time frame it depends on the opportunities that arise," he said.

The pension fund had recently announced that it will invest £1bil (RM4.88bil) in the United Kingdom's property sector.

- Bernama