AEM, SGX-AWX.

Comparing it's  key anchor ⚓️ investors actions throughout the volatile period. Based on their track records, it's a good reference for our decisions going forward.

March 2026, Malaysia Employees Provident Fund (EPF) officially ceased to be a substantial shareholder in AEM Holdings Ltd (SGX:AWX). The pension fund executed back-to-back open-market liquidations to capitalize on the stock turning bullish momentum. [1]

The 2-Day Divestment Breakdown

The rapid sell-off took place over two consecutive trading days: 

Day 1 (March 2, 2026): The EPF offloaded 6.45 million shares at an average price of S$2.97 per share.

Day 2 (March 3, 2026): The fund sold an additional 1.90 million shares at a slightly higher average price of S$3.18 per share. 

Total Cash Proceeds and Position Reduction

Through these two trades, the EPF collected gross proceeds of S$25.21 million. [1]

The fund slashed its total equity stake from 7.123% down to 4.466%, leaving them with just over 14 million remaining shares. Because the holding fell below the statutory 5% threshold, the EPF is no longer legally obligated to make public SGX disclosures if it chooses to sell the remainder of its position. 

Strategic Context:-

The EPF had previously been aggressively buying into AEM during the semiconductor down-cycle, lifting its stake as high as 11.146% back in late 2023. The early 2026 exit represents a massive capital rebalancing strategy to reduce risk and lock in profits as AEM began guiding for explosive revenue growth and its stock began to rally. 

Temasek Holdings: Holding the other Strategic Anchor

Unlike other institutions that panicked during previous industry down-cycles, Temasek Holdings acted as a steady, long-term cornerstone investor. 

The Position Baseline: Temasek originally became AEM's largest institutional shareholder back in August 2021. It executed a massive S$103.1 million private placement to purchase 26.8 million shares at S$3.8477 per share.

The 2026 Strategy: As AEM's share price exploded into parabolic territory—climbing over 370% from S$1.70 to peaks near S$8.00–S$9.50—Temasek held onto its core strategic backing.

The Intent: Temasek viewed AEM as a vital homegrown deep-tech player holding proprietary thermal-control chip testing technology. They chose not to liquidate their stake, positioning themselves to capitalize on structural upside from AEM's potential dual-listing on the Nasdaq via Singapore's new Global Listing Board (GLB). 

If there are interest, I will share more of my research.[Put]  [Call]  [Thinking]  [Victory]