KUALA LUMPUR (Aug 7): Cape EMS Bhd (KL:CEB) managing director and chief executive officer Christina Tee Kim Chin continued her selling spree of the company's shares, disposing of 112.74 million shares worth RM53.56 million on Tuesday.

In addition, Kim Chin also sold two million shares on Aug 1 and an additional 3.07 million shares on Aug 5, according to an amended filing to Bursa Malaysia.

A previous filing had indicated that she sold 15.22 million shares in the company on Monday.

For the block of 112.74 million shares, Kim Chin offloaded the shares in 30 transactions, with an average selling price of 47.5 sen apiece, according to a separate bourse filing on Wednesday.

These shares were pledged to stockbrokers, namely Maybank Nominees (Tempatan) Sdn Bhd, RHB Capital Nominees (Tempatan) Sdn Bhd, Alliancegroup Nominees (Tempatan) Sdn Bhd, CGS International Nominees (Tempatan) Sdn Bhd, Affin Hwang Nominees (Tempatan) Sdn Bhd.

Meanwhile, Kim Chin’s sister Tee Kim Yok, who is also an executive director, also trimmed her stake in the company.

She sold a further 4.2 million shares for RM1.70 million on Tuesday, translating to an average selling price of 40.5 sen per share. This reduces her stake in the electronic manufacturing services provider to 4.33% from 4.75% previously. Kim Yok ceased to be a substantial shareholder in the company last Thursday.

Kim Chin’s persistent share sales appeared to have exerted heavy downward pressure on the company’s share price, which has fallen off the cliff in the past two weeks.

The stock has plummeted 57% since mid-July, hitting an all-time low of 40.5 sen on Aug 6. Over RM620 million has been wiped off its market capitalisation.

The counter closed higher on Wednesday at 43.5 sen, up three sen, giving it a market capitalisation of RM441 million.

Its trading volume swelled to record high of 736 million shares, making it the most actively traded stock on Bursa Malaysia. The number of shares changing hands is equivalent to 74% of its total issued share capital of 992 million.

Following the latest share sale, Kim Chin's shareholding in the company shrank to 25.6% from 38.05% on July 29, down by 12.45%.

Kim Chin has sold almost 130 million shares in total over the past six trading days, including the latest transactions on Tuesday.