KUALA LUMPUR: Ramunia Holdings Bhd’s major shareholder Datuk Azizul Rahman Abdul Samad has pared down his stake significantly recently, raising speculations that he may exit the group soon.

According to filings with Bursa Malaysia yesterday, Azizul’s indirect shareholding in Ramunia fell to 73.3 million shares, representing 11.06% stake, from 14.28% or 94.66 million shares as at Dec 30, 2010.

The stake was pared down via the disposal of warrants held by Ramunia Energy & Marine Corporation Sdn Bhd, which he had direct holdings in, and which in turn, held shares in Ramunia.

Azizul, who had served on the board of Ramunia as non-executive chairman since 2004, had also sold some shares via his wife Datin Azura Hanimm in the open market recently.

Azizul held as much as 50.8% stake in the group in 2006 and was instrumental in the company’s direction in the initial years. He also held a bulk of Ramunia’s preference shares and irredeemable convertible unsecured loan stocks.

Sources close to Azizul said he did not make as much profit as he could from the selldown of his shares in Ramunia, given that they were not sold at a high price.

“Azizul wanted to exit Ramunia only after the completion of several corporate exercises, namely the sale of its fabrication yard. Hence him paring down his stake,” a source said.

His move also indicated that he was paving the way for the Pilgrims’ Fund (LTH) to chart the company’s direction. LTH is Ramunia’s largest shareholder with a 25.17% direct stake.

In June last year, Nor Badli Munawir Mohamad Alias Lafti took over the reins at Ramunia after being appointed chief executive officer. He was previously with another LTH outfit, Theta Edge Bhd.  

In April last year, Ramunia concluded the sale of its fabrication yard in Teluk Ramunia to Sime Darby Engineering Sdn Bhd for RM515 million.

This article appeared in The Edge Financial Daily, February 17, 2011.