KUALA LUMPUR (Oct 12): The Employees Provident Fund (EPF) has sold some 5.77 million shares, which is equivalent to a 1% equity stake, in telecommunications group Time Dotcom Bhd.

According to the filing to Bursa Malaysia, the provident fund disposed of the shares on the open market on last Thursday. However, the transaction price for the shares was not disclosed.

Based on a back of envelope calculations, EPF's stake in Time is approximately 25.30 million, equivalent to a 4.4% equity interest, following the share disposal.

It is noted that the fund had been slowly reducing its stake in Time since last month.

For the second quarter ended June 30, 2015, Time's net profit increased sevenfold to RM315.43 million, from RM44 million in the previous year, while revenue rose 5% to RM163.77 million, from RM155.74 million.

For the six months to June 30, net profit stood at RM372.01 million, compared to RM73.42 million a year earlier, while revenue climbed 17% to RM335.48 million, from RM287.62 million.

Likewise, the stock price has more than doubled since early 2013 from RM3 to a peak of RM7.20 in July — before it slid to a recent low of RM5.50 in late August amidst the worldwide rout in the global markets. Time's share price has rebounded since last month to RM6.59 today.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)