The Employees Provident Fund (EPF) is no longer the major shareholder in IOI Properties Group Bhd.
This follows the EPF gradually reducing its stake in its counter shares, which previously reached a one-month high.
According to a filing with Bursa Malaysia, the private employee retirement fund, which became a major shareholder in IOI Properties since January 2017, sold 100 million shares, equivalent to a 1.82% stake, on October 3.
The sale reduced EPF's shareholding in the property developer from 6.11% to 4.29%.
IOI Properties' largest shareholder is Vertical Capacity Sdn Bhd, a company controlled by the family of IOI Corp Chairman Tan Sri Lee Shin Cheng, with a 65.67% stake.
IOI Properties' share price closed at RM2.18 on October 3, its highest level in a month, making the value of the block of shares sold by the EPF around RM218 million.
As of yesterday, the company's shares fell one sen or 0.47% to RM2.14, with a market capitalization of RM11.78 billion.
