KUALA LUMPUR (July 10): Ikhlas Kamarudin has ceased to be a substantial shareholder of Citaglobal Bhd, after disposing of a 5.5% stake via Citaglobal Energy Resources Sdn Bhd (CERSB) for RM29.9 million.

In a filing with Bursa Malaysia on Monday (July 10), the construction outfit said CERSB sold 23 million shares via direct business transaction last Thursday (July 6).

Shares of Citaglobal closed unchanged at RM1.37 on Monday, giving it a market capitalisation of RM572.03 million.

Ikhlas, 31, who is also a non-independent non-executive director Citaglobal, still holds an indirect interest of 2.88% or 12 million shares in the company, according to the company’s filing.

Ikhas and CERSB first emerged as a substantial shareholder of Citaglobal in December 2019.

He was among the persons acting in concert (PACs) with largest shareholder Tan Sri Mohamad Norza Zakaria, to extend a mandatory takeover of Citaglobal in 2022.

Other PACs included Tune Group co-founder Datuk Kamarudin Meranun, Datin Siti Munajat Md Ghazali, Mettiz Capital, Polo Investments Ltd, Mettiz Capital Ltd and Datuk Tang Vee Mun.

Norza, 56, holds a 33.9% stake in the company, of which 30.82% is held via his private vehicle TIZA Global Sdn Bhd. He is also executive chairman and president of Citaglobal.

Other substantial shareholders in Citaglobal currently include Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, with a 7.97% stake.

The group has been actively securing contracts, including a RM261 million rail rehabilitation contract for the Klang Valley Electrified Double Track Phase 2 (KVDT2) in May. It is also looking into developing renewable energy plants for supply to the East Coast Rail Link project.