KUALA LUMPUR (Aug 8): Cape EMS Bhd (KL:CEB) managing director and chief executive officer Christina Tee Kim Chin further trimmed her stake by 11.6% after selling shares worth RM44.86 million in the electronic manufacturing services company.
The sale of 115.25 million shares, according to latest exchange filings, translates to an average price of 38.92 sen per share and 6.2% lower than the stock’s volume weighted average price of 41.5 sen on Wednesday. That cuts her equity by nearly half to 138.72 million shares in the company.
On Wednesday, Cape EMS was the top active stock on Bursa Malaysia, with a trading volume of 736 million shares, translating to a turnover ratio of 74% of its total issued share capital of 992 million.
Following the latest share sale, Kim Chin's shareholding in the company shrank to 13.98% from 38.05% on July 29, down by 24.06%.
Meanwhile, according to a separate bourse filing, Kim Chin’s sister Tee Kim Yok, who is an executive director at Cape EMS, also trimmed her stake in the company. She sold a further 32.84 million shares worth RM13.98 million at an average price of 42.57 sen apiece.
Since July 31, Kim Yok has trimmed her stake in the company from 4.75% to 1.02%.
At noon break on Thursday, the stock staged a strong rebound to settle at 49 sen — up 5.5 sen or 12.64%. It is the second-most traded counter on the bourse with some 231.43 million shares changing hands, equivalent to a 23.3% stock turnover ratio.
According to a bourse filing, Cape EMS’ net tangible asset per share is 47 sen apiece. Its market capitalisation stands at RM486.08 million.