PETALING JAYA: The Employees Provident Fund (EPF) has ceased to be a substantial shareholder of Pos Malaysia Bhd.
In a filing with Bursa Malaysia yesterday, it said that EPF sold 4.94 million shares on the open market reducing its stake in Pos Malaysia to 4.41%.
The provident fund has been selling shares in Pos Malaysia shares quite regularly since March 31.
Pos Malaysia’s share price had recovered as much as 55% since its lowest on March 19 at 53.5 sen a share to 83 sen.
Yesterday, shares in Pos Malaysia closed slightly lower at 71 sen a share.
Pos Malaysia Bhd had on Feb 1 increased its postage rates for registered mails, commercial mails and small parcels.
Analysts reckoned that the move would see earnings recovery in Pos Malaysia, which has suffered its sixth consecutive loss-making quarter.