KUALA LUMPUR: The Employees Provident Fund (EPF) has ceased to be a substantial shareholder in Serba Dinamik Holdings Bhd following the recent selldown in the open market, filings with Bursa Malaysia showed.

       The EPF disposed of 96 million shares on Monday, which brought down the fund’s stake in Serba Dinamik to less than 5%, according to a filing with Bursa Malaysia yesterday.

       The EPF owned 377 million shares, or about 10.2% of the company, about a month ago.

       But on May 29, a surprised announcement by Serba Dinamik caught investors off-guard.

       The company told Bursa Malaysia that its auditor KPMG had raised concerns over RM3.5bil worth of sales and transactions.

       It has rejected these concerns and said it would appoint an independent reviewer to assess and verify these concerns.

       On June 22, Serba Dinamik filed a court case against KPMG.

       KPMG resigned almost immediately, while at least four of Serba Dinamik independent directors also left the company, citing their disagreement with the board’s decision to sue its external auditors.