KUALA LUMPUR (May 14): The Employees Provident Fund (EPF) has ceased to be a substantial shareholder of Eco World Development Group Bhd after nearly five years.

The retirement fund notified Bursa Malaysia today that it disposed of 1.92 million shares in the property development company on May 8.

This leaves EPF with 145.64 million shares or a 4.95% stake in the company.

The fund has been gradually selling its shares in Eco World since April 9. Prior to this, it had a total direct shareholding of 176.8 million shares or 6.005% in the company as at March 27.

EPF first emerged as the developer’s substantial shareholder on May 18, 2015 when it took up 164.68 million shares or a 7.98% direct stake in the company via a private placement.

For the first quarter ended Jan 31, 2020, Eco World reported a 10.555 rise in net profit to RM33.52 million from RM30.32 million a year earlier. Quarterly revenue rose 9.51% to RM537.95 million from RM491.23 million.

Shares in Eco World closed half a sen or 1.27% lower at 39 sen today, valuing the company at RM1.15 billion. Over the past year, the counter had declined 58.3%.