KUALA LUMPUR, Malaysia’s sovereign wealth fund Khazanah Nasional Bhd has reduced its stake in Farm Fresh Bhd, ceasing to be a substantial shareholder after selling 65 million shares. Its holding in the Johor-based dairy producer dropped from 6.49% to 3.02%, according to Farm Fresh’s filing with Bursa Malaysia on Thursday. The sale was executed via Khazanah’s wholly-owned unit, Agrifood Resources Holdings Sdn Bhd, though the transaction price was not disclosed.
Khazanah first invested in Farm Fresh in 2011, acquiring a 30% stake in the then-named Holstein Milk Company Sdn Bhd as part of its strategy to boost Malaysia’s food security and dairy self-sufficiency. Farm Fresh went public in 2022, raising around RM1 billion in one of the year’s largest IPOs, valuing the company at RM2.5 billion.
Since the listing, Khazanah has gradually reduced its holdings through open-market disposals. In 2025 alone, it sold 42.5 million shares in June, lowering its stake from 11.8% to 9.42%, and another 55 million shares in July. The latest sale leaves Khazanah with just 3.02%, below the 5% threshold to be considered a substantial shareholder.
Farm Fresh’s largest shareholder remains its group managing director and CEO Loi Tuan Ee, who, via Rainforest Capital Sdn Bhd and Farmchoice Foods Sdn Bhd, holds 28.99% and 11.14% of the company, respectively. Other institutional investors include Abrdn Malaysia Sdn Bhd with 10.97% and the Employees Provident Fund (EPF) with 9.69%.
Farm Fresh shares have risen over 10% year-to-date, closing three sen or 1.46% lower at RM2.02 on Thursday, giving the company a market valuation of RM3.69 billion.
