TIME dotCom rises to 52-week high after EPF re-emerges as major shareholder

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KUALA LUMPUR (Oct 22): TIME dotCom Bhd saw its share price climb as much as 20 sen or 2.9% to a 52-week high of RM7.00 after the Employees Provident Fund (EPF) re-emerged as a substantial shareholder in the company.

The telecommunication group opened high at RM6.85 this morning. At 12.30pm, it rose 19 sen or 2.79% to RM6.99. The counter saw 513,000 shares traded with market capitalisation of RM3.91 billion.

The counter was the seventh top gainer at noon.

Year-to-date, TIME dotCom has risen RM2.61 or 59.47%.

It was reported that EPF has re-emerged as the substantial shareholder in TIME dotCom yesterday, with shareholdings of 30.21 million shares or a 5.249% stake. However, no transaction price was recorded.

It is noteworthy that EPF had been reducing its stake in the telecommunication company since last month. The national pension fund ceased to be a substantial shareholder of the company after disposing of 5.77 million shares, or 1% equity stake, via open market on Oct 12.

(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.)