KUALA LUMPUR (Aug 16): Handal Energy Bhd’s managing director Sunildeep Singh Dhaliwal has ceased to be a substantial shareholder of the group after disposing of 16.6 million shares or a 6.23% stake in the group.

In a bourse filing, the offshore crane operator said Sunildeep disposed of the stake on Wednesday (Aug 16). Post-disposal, Sunildeep was left with just 500,000 shares or a 0.18% indirect interest in the group.

The price at which the block of shares crossed was not disclosed in Handal Energy's bourse filing, but based on the closing price of 17 sen on Wednesday, the shares were worth about RM2.82 million.

Last week, Sunildeep disposed of 53.45 million shares or about 20% stake in the group.

Sunildeep’s divestment of shares in Handal Energy comes after Singapore-based Deepetro Offshore Brokers Pte Ltd also exited the group just a week after emerging as a substantial shareholder.

Deepetro emerged as Handal Energy's largest investor on Aug 2 with an 11.43% stake or 30.46 million shares. Subsequently, on Aug 9, Deepetro offloaded 30.2 million shares in the group.

Chan Cheu Leong remains as a substantial shareholder in Handal Energy, with a 7.63% stake as of March 31, 2023, according to the group's 2022 annual report.

Shares in Handal Energy have retreated from their three-year high of 26.5 sen on Aug 9. They closed a sen or 5.56% lower at 17 sen on Wednesday, giving the group a market capitalisation of RM45 million.