KUALA LUMPUR (Aug 2): Ranhill Utilities Bhd (KL:RANHILL) announced that four of its directors, including founder and executive chairman Tan Sri Hamdan Mohamad, have resigned from their positions, effective Friday, after the successful takeover of Ranhill by YTL Power International Bhd (KL:YTLPOWR) and its 70%-owned unit SIPP Power Sdn Bhd.
YTL Power and SIPP Power had on July 9 completed their mandatory general offer (MGO) for the Johor-based utility company with a controlling stake of 53.19%.
Besides Hamdan, executive directors Datuk Seri Panglima Lim Haw Kuang and Zurina Abdul Rahim, as well as non-independent director Imaan Aiysha Hamdan — the daughter of Hamdan — have also exited the company.
Their resignations are pursuant to the terms in the unconditional share sale and purchase agreement, according to Ranhill’s filings with the stock exchange.
Hamdan has been in control of Ranhill since the company took over the listing status of Symphony House Bhd in December 2015.
YTL Power first emerged as Ranhill’s substantial shareholder in November last year, after it bought close to a 19% stake for RM140 million, or 58 sen per share, from TAEL Management Co (Cayman) Ltd — the private equity firm that funded Hamdan during the privatisation of Ranhill Bhd and Ranhill Utilities in 2011.
An MGO was triggered in May this year, after SIPP bought a 31.42% equity interest in Ranhill for RM405.18 million or 99.5 sen per share from Hamdan.
Shares in Ranhill settled four sen or 2.72% higher at RM1.51 on Friday, valuing the company at RM1.96 billion. The counter has risen 64.13% year-to-date.