Malaysia’s $170 billion pension fund plans to sell its stake in British American Tobacco Malaysia Bhd. as it focuses on investing in assets deemed socially and environmentally responsible, Chief Executive Officer Shahril Ridza Ridzuan said.
The Employees Provident Fund has a 6.9 percent stake worth about 942 million ringgit ($234 million) in the Malaysia-listed company, according to data compiled by Bloomberg. EPF doesn’t have a specific timeline to sell its holdings, Shahril said.
