PETALING JAYA: The logic behind the Employees Provident Fund’s (EPF) decision to sell its shares in Malaysia Airports Holdings Bhd (MAHB) and buy them back at a higher price remains unclear, says Datuk Seri Dr Wee Ka Siong.

“The Finance Minister II (Datuk Seri Amir Hamzah Azizan) merely stated that EPF made RM102mil profit after selling MAHB shares, but not the actual losses or additional funds required to buy back those same shares just a few months later,” he said in a video posted on social media on Sunday (Feb 23).

The MCA president said more clarification is needed on EPF’s repurchase of MAHB shares, which involved significant financial implications.

“Why did the EPF sell such a significant portion of its MAHB shares in 2023, reducing its holdings from 15.665% to 5.787%, considering that EPF’s stake in MAHB had never fallen below 10%?” he asked.

Dr Wee, who is also Ayer Hitam MP, also noted that in 2023 and 2024, the aviation and tourism sector was recovering rapidly and MAHB’s profits were projected to surge.

“At the Future Aviation Forum 2022 in Riyadh and the Changi Aviation Summit 2022 in Singapore, it was projected that the aviation sector would recover by 2023, with ‘full recovery’ expected in 2024, he said, adding that the EPF must explain why it disregarded the views and guidance of global aviation industry stakeholders.

He also said the extension of the MAHB concession, also known as the Operating Agreement, for 35 years until 2069 and the increase in the Passenger Service Charge implemented by the government in 2023 were reasons why the EPF should not have sold so many MAHB shares.

He said these questions had to be asked, taking into account MAHB’s 2023 net profit of RM543.17mil and gross revenue of RM4.91bil.

“For the first nine months of 2024, MAHB’s profit more than doubled to RM606.16mil. Gross revenue also increased by 20.3% to RM4.26bil.

“So where is the logic in EPF selling off MAHB shares on such a large scale at a low price?” he asked.

He said EPF’s action was puzzling as it was part of the consortium that aimed to privatise MAHB at RM11 per share just a few months later.

“Why sell low only to buy back later at a higher price? This is not smart investment strategy. It is a bizarre decision that raises many questions.

“This is the people’s money. This is the right of the contributors. Do not play games with it,” he said.