KUALA LUMPUR (Aug 9): Ranhill Utilities Bhd (KL:RANHILL) — which has been taken over by YTL Power International Bhd (KL:YTLPOWR) — on Friday announced the resignation of four independent directors. This comes a day after the group added five new members to its board.
The four directors who have resigned are Datuk Abdullah Karim, 72, Abu Talib Abdul Rahman, 70, Dr Arzu Topal, 60, and Jeffrey Bosra, 56, according to the group's bourse filings.
A quick check with the group's 2023 annual report showed that Abdullah was appointed to the board in 2017, while Abu Talib was appointed in 2015. Meanwhile, Arzu, who is of Turkish nationality, was appointed in 2022. Interestingly, Jeffrey was appointed to the board just three months ago in May.
Four of the five new directors named on Thursday are linked to YTL Power, which emerged as Ranhill Utilities’ substantial shareholder in November last year after purchasing a stake of nearly 19% for RM140 million, or 58 sen per share, from a private equity firm that funded former group chairman and founder Tan Sri Hamdan Mohamad during the privatisation of Ranhill Bhd and Ranhill Utilities in 2011.
A mandatory general offer (MGO) was triggered in May, after YTL Power's 70%-owned unit, SIPP Power Sdn Bhd, acquired a 31.42% equity interest in Ranhill Utilities for RM405.18 million, or 99.5 sen per share, from Hamdan. After the close of the MGO, the collective shareholding of YTL Power and SIPP Power in Ranhill Utilities stood at 53.19%.
A week ago, Ranhill Utilities announced that Hamdan, together with executive directors Datuk Seri Lim Haw Kuang and Zurina Abdul Rahim, as well as non-independent director Imaan Aiysha Hamdan — the daughter of Hamdan — have exited the company.
Their resignations were pursuant to the terms in the unconditional share sale and purchase agreement, according to Ranhill’s exchange filings.
Hamdan has been in control of Ranhill since the company took over the listing status of Symphony House Bhd in December 2015.
The only existing directors still left in the company are non-independent non-executive director Datuk Ramlee A Rahman, and independent non-executive directors David Lim Hun Soon and Leow Peen Fong.