KUALA LUMPUR (Aug 7): The trading volume of Cape EMS Bhd (KL:CEB) swelled to 249 million within the first half an hour of Bursa Malaysia’s opening bell.
The number of shares that changed hands is equivalent to more than 20% of the ACE Market-listed company's issued share capital.
The counter, which took a nosedive last week, rebounded by four sen or 9.9% to settle at 44.5 sen at noon break, valuing the electronics manufacturing services (EMS) firm at RM441 million.
Since July 26, over one billion of Cape EMS shares have changed hands, with its average trading volume coming in at over 120 million over the span of nine days.
On Tuesday, Cape EMS saw approximately 7.78 million shares, or a 0.79% stake, traded off-market for a total value of RM3.15 million.
According to Bloomberg data, shares in the EMS provider were traded in the final minutes of the trading session across 78 blocks at 40.5 sen apiece.
The identities of the parties involved in the transactions are not immediately known, and the company did not file any changes to its shareholding with the local stock exchange on Tuesday.
The latest round of selling pressure on Cape EMS began on July 22. During this period, the company's managing director and CEO Christina Tee Kim Chin offloaded over 17.11 million shares.
Meanwhile, Kim Chin’s sister Tee Kim Yok, who is also an executive director, transferred 20.4 million shares to Kim Chin on Aug 1, reducing Kim Yok’s stake to 4.75% and ceasing to be a substantial shareholder.
Shares of Cape EMS were listed in March 2023 at an initial public offering (IPO) price of 90 sen. The counter touched a peak of RM1.51 in April that year, but has retreated since then.
Since its IPO, it has carried out one private placement, which was completed on Dec 12, 2023 involving 69 million shares being issued at RM1.07 apiece, raising gross proceeds of RM73.83 million.