The EPF sold selling six million shares in Cape EMS last week.
PETALING JAYA: The Employees Provident Fund (EPF) has ceased to be a substantial shareholder of Cape EMS Bhd
after selling six million shares last week, barely a month after it raised its stake to above the 5% threshold.
The disposal took place on Aug 15, narrowing the provident fund’s equity interest to 4.44% from 5.04% earlier.
EPF had only become a substantial shareholder on July 26, following the purchase of additional 3.5 million shares.
On July 26, the Cape EMS stock closed at 71 sen. However, on Aug 15, the share price had fallen to 43 sen.
Over the past month, Cape EMS’ share price went into free-fall, after its single-largest shareholder Christina Tee Kim Chin was hit by forced selling triggered by margin calls.
From nearly 40% at the beginning of August, Tee’s equity interest has plunged to 11.13% as of yesterday. She is also the managing director and chief executive officer of the Johor-based electronics manufacturing services firm.
