KUALA LUMPUR (Aug 21): Cape EMS Bhd (KL:CEB), whose shares have come under selling pressure since last month, reported on Tuesday that the Employees Provident Fund (EPF) has disposed of six million shares in the company.

The sale on August 15 comes just about three weeks after the provident fund acquired 3.5 million shares in the electronics manufacturing services firm.

Following the disposal, EPF's shareholding in the company dropped to 4.44% from 5.04% previously, ceasing its status as a substantial shareholder, according to Cape EMS's bourse filing.

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The filing did not disclose the transaction price.

Notably, Cape EMS' share price has fallen from 71 sen on July 26, when EPF bought the block of 3.5 million shares, to 43 sen on August 15, the day it sold the six million shares.

The counter, which made its debut on Bursa Malaysia in March 2023 at an initial public offering price of 90 sen, has retreated over 60% in a little over a month - from RM1.01 in mid-July to a new all-time low of 40 sen on Tuesday.

It was the most active stock on Tuesday with over 124.94 million shares traded, translating to a turnover ratio of 12.6% of its total issued share capital of 992 million. 

Cape EMS managing director and chief executive officer Christina Tee Kim Chin has been noted to have trimmed her stake in the company from 38.05% as at July 29 to 11.13% on August 12, having sold over 300 million shares over the past three weeks.

While some quarters blamed the share price plunge on Tee's selling spree, the stock had been spiralling even before she started selling her shares. 

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