KUALA LUMPUR: Cape EMS Bhd share price has plunged 60.28 per cent or 65 sen, year-to-date to 42 sen, bringing its market capitalisation to RM416.64 million as of 10.30am.
The Cape EMS share price dropped to a new low of 40 sen a share on Tuesday when it announced in a filing to Bursa Securities Malaysia of the disposal by the Employee Provident Fund (EPF).
The EPF has ceased to be a substantial shareholder of Cape EMS Bhd after it disposed of six million shares in the company.
The disposal came after the EPF emerged as a substantial shareholder in the electronics manufacturing services (EMS) company at the end of last month when it acquired 3.5 million shares.
The purchase of shares took place when Cape EMS hit its then all-time low of 71 sen.
The company noted the EPF disposed of its shares on August 15, reducing its stake to 4.44 per cent from 5.04 per cent.
Besides the EPF, Cape EMS' managing director and group chief executive officer Christina Tee has also reduced her stake in the company by disposing of her shares in multiple transactions since July.
As of August 12, Tee's stake in the company stood at only 11.13 per cent or 110.38 million shares, from 38.05 per cent held at the end of July.
Cape EMS posted a lower net profit in the second quarter ended June 30, 2024, at RM8.7 million versus RM15.16 million in the same period a year ago. However, its revenue for the quarter rose 36.8.