DENMARK - Danish labour market pension fund ATP said it has decided to sell its shares in Total and other oil companies working directly with Myanmar Oil.

"ATP's board of directors came to this decision at its meeting today, after a debate about ATP's investments in companies that also had activities in Burma," the DKK 438bn (€58.75bn) scheme said in a statement.

The holdings it will sell include ATP's stake in French oil and gas company Total, it said.

"In addition, ATP will of course adhere to the new sanctions from the EU concerning timber and precious metals from Burma," ATP added.

Jørgen Søndergaard, chairman of ATP's supervisory board, told IPE two or three smaller investments will be divested too, but did not name the businesses involved. He said the stake in Total - which is worth DKK935m - is a small fraction of ATP's total equities portfolio.

The pension fund said its board came to the decision in the light of the new declaration from the Danish government on its position regarding sanctions against Burma.

Søndergaard said the Danish government had been pressing at the latest EU summit for sanctions against Burma to include oil companies as well as those involved in the timber and precious metals trade.

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