---
endpoint: analytics
pattern: Infrastructure
status: done
latency_ms: 119742
conversation_id: 67e567cc-0956-4eb8-9eef-1d6e3f7c5ddc
citations: 4
created: 2026-05-31 18:19:30Z
---

# Who are the key shareholders of Gamuda?

# Gamuda Berhad (5398-MY / "GAM") — Key Shareholders

Based on the **Gamuda Berhad Integrated Report 2025** (Analysis of Securities as at **6 October 2025**), the ownership structure is dominated by Malaysian government-linked institutional funds, founder/management direct holdings, and a select group of global passive investors. Total issued capital stands at **5,852,710,687 ordinary shares** held by **32,180 shareholders** [1].

## 1. Substantial Shareholders (≥5% — per Register of Substantial Shareholders)

Only **one** entity crosses the 5% disclosure threshold on a beneficial-interest basis:

| Substantial Shareholder | Direct Shares | % |
|---|---:|---:|
| **Employees Provident Fund Board (EPF)** | 1,060,837,402 | **18.12%** |

EPF is the sole entity holding more than 5% directly, with effectively no indirect interest disclosed [2]. EPF's stake is spread across multiple nominee accounts (conventional + Islamic mandates), which is why it appears in multiple lines of the Top 30 Record of Depositors.

## 2. Top Beneficial Holders — Top 30 Record of Depositors

The Top 30 list (broken out by securities account, not aggregated to beneficial owner) shows the following key holders [3]:

| Rank | Holder (Beneficial owner) | Shares | % |
|---:|---|---:|---:|
| 1 | Citigroup Nominees (Tempatan) – **Employees Provident Fund Board** | 604,725,192 | **10.33%** |
| 2 | **Generasi Setia (M) Sdn Bhd** (Royal-family-linked vehicle — Raja Dato' Seri Eleena) | 219,000,000 | 3.74% |
| 3 | Citigroup Nominees (Tempatan) – **Exempt An for AIA Bhd** | 216,381,236 | 3.70% |
| 4 | Citigroup Nominees (Tempatan) – **EPF Board (Islamic)** | 214,055,654 | 3.66% |
| 5 | **Kumpulan Wang Persaraan (Diperbadankan) — KWAP** | 173,726,529 | 2.97% |
| 6 | **Dato' Lin Yun Ling** (Group Managing Director / Founder) | 160,830,478 | 2.75% |
| 7 | Citigroup Nominees (Asing) – **CB Spore GW for Government of Singapore (GIC C)** | 115,895,796 | 1.98% |
| 8 | DB (Malaysia) Nominee – **State Street Bank & Trust Company** | 89,951,918 | 1.54% |
| 9 | **Permodalan Nasional Berhad (PNB)** | 74,740,978 | 1.28% |
| 10 | HSBC Nominees (Asing) – **JPMCB NA for Vanguard Total International Stock Index Fund** | 73,161,824 | 1.25% |
| 11 | **Dato' Ir Ha Tiing Tai** (Deputy Group Managing Director) | 68,974,000 | 1.18% |

## 3. Reading the Concentration

- **EPF is dominant.** Aggregating EPF's conventional + Islamic + custodian-held lines, EPF holds **18.12%** of issued capital — by a wide margin the single largest shareholder. EPF is the only entity formally disclosed as a "Substantial Shareholder" in Gamuda's Register [2].
- **Founder / management cluster** holds a meaningful equity stake at the directors' level (per Register of Directors' Shareholdings) [4]:
  - **Dato' Lin Yun Ling** (GMD): 160,830,478 direct (**2.75%**)
  - **Dato' Ir Ha Tiing Tai** (Deputy GMD): 72,845,000 direct (**1.24%**) plus 190,000 indirect
  - **Raja Dato' Seri Eleena binti Almarhum Sultan Azlan Muhibbuddin Shah**: 506,509 direct (0.01%) plus **232,311,918 indirect (3.97%)** — held through **Generasi Setia (M) Sdn Bhd**, which is itself the #2 line in the Top 30
- **Malaysian government-linked funds** (EPF + KWAP + PNB) collectively account for roughly **22.5%** of the register based on listed lines — a typical "GLIC backbone" for a Bursa Malaysia infrastructure blue-chip.
- **Global passive / sovereign holders** present at the top of the register: **GIC (Singapore)**, **State Street**, **Vanguard** (via its Total International Stock Index Fund), and **AIA Bhd**.

## 4. What's Notable

- Despite Lin Yun Ling being the long-tenured founding GMD (since 1981), his **direct stake is only 2.75%** — Gamuda is institutionally controlled, not family-controlled.
- The royal-linked vehicle **Generasi Setia** is structurally important: at 3.74% direct (with another ~3.97% deemed-interest layer through director Raja Dato' Seri Eleena), it is the largest **non-EPF beneficial block** on the register.
- No single shareholder (other than EPF) holds more than 5%, meaning Gamuda has a **wide free float** and no controlling shareholder. Confirmed by the Board: *"The Group Managing Director and the Management are neither substantial shareholders nor controlling shareholders of the Company"* (per Gamuda's MCCG Statement in the Integrated Report 2025).

---
**Sources**
[1] Gamuda Berhad — Integrated Report 2025, Analysis of Securities (as at 6 October 2025) — Distribution of Shareholdings
[2] Gamuda Berhad — Integrated Report 2025, Substantial Shareholders (Register of Substantial Shareholders)
[3] Gamuda Berhad — Integrated Report 2025, Top 30 Shareholders as per Record of Depositors
[4] Gamuda Berhad — Integrated Report 2025, Directors' Report — Directors' Interests in Ordinary Shares

## Citations

- [1] **Gamuda Bhd. (5398-MY) - Annual Report for period end 31-Jul-2025 (English) - PDF - 4 / 5** · external
- [2] **Gamuda Bhd. (5398-MY) - Annual Report for period end 31-Jul-2025 (English) - PDF - 4 / 5** · external
- [3] **Gamuda Bhd. (5398-MY) - Annual Report for period end 31-Jul-2025 (English) - PDF - 4 / 5** · external
- [4] **Gamuda Bhd. (5398-MY) - Annual Report for period end 31-Jul-2025 (English) - PDF - 4 / 5** · external

