KUALA LUMPUR (Nov 26): The Employees Provident Fund (EPF) has ceased to be a substantial shareholder of Inari Amertron Bhd, its Bursa Malaysia filing showed on Friday (Nov 26). 

The provident fund’s stake in the group dropped below 5%, after it disposed of a total of 1.40 million shares on Nov 24. 

Between Nov 22 and 23, the fund had traded shares in the group, buying two million shares and selling 1.66 million.

Based on back-of-the-envelope calculations, the latest transaction on Nov 23 leaves EPF with 183.92 million shares in Inari. 

Notably, based on the group’s latest annual report, EPF is the third largest shareholder in the group. 

The largest shareholder of Inari is Kumpulan Wang Persaraan (Diperbadankan) (KWAP) with its recently enlarged stake of 7.99%, after the purchase of 31.38 million shares on the open market by its fund manager, followed by Insas Technology Bhd with a 4.92% stake in the company. 

According to the group’s website, Inari is principally engaged in the outsourced semiconductor assembly and test services and electronics manufacturing services industries, through a number of subsidiaries.

Shares in Inari finished one sen or 0.24% higher to RM4.17 on Friday (Nov 26), giving it a market share of RM15.39 billion.

Since the beginning of the year, the stock has rallied by 53.31%, from RM2.72 reported on Jan 4, 2021.