EPF exits MI Technovation

EPF building

PETALING JAYA: The Employees Provident Fund (EPF) has ceased to be a shareholder in MI Technovation Bhd (MI Tech) after selling its stake, according to MI Tech’s filing with Bursa Malaysia yesterday.

According to Bloomberg data, the EPF held a total of 45.8 million shares in the first quarter of 2022, but disposed the amount progressively till the end of July.

MI Tech is a semiconductor manufacturer. For the second quarter ended June 30, 2022, MI Tech’s revenue dropped 20.5% year-on-year (y-o-y) to RM93.6mil, underpinned by the slowdown in the smartphone and mobile device industry.

The group also suffered a 21.6% y-o-y drop in pre-tax profit to RM20.7mil due to higher material and logistics costs. Its shares closed one sen higher at RM1.48.

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