KUALA LUMPUR (Dec 13): APM Automotive Holdings Bhd said the Employees Provident Fund (EPF) has ceased to be a substantial shareholder of the company.

The pension fund’s stake in APM dropped below 5% after it sold 279,500 APM shares on Dec 8, the company said in a filing with Bursa Malaysia on Tuesday (Dec 13).

The EPF emerged as a substantial shareholder in APM on Oct 5, 2016 with a 5.385% stake or 10.53 million shares after acquiring one million shares in the automotive parts manufacturer.

Last week, on Dec 7, the fund's stake dropped to 5.044% or 9.86 million shares after it disposed of 300,000 shares.

APM’s share price ended unchanged at RM1.84 on Tuesday, bringing the group a market capitalisation of RM370.94 million.