KUALA LUMPUR (May 11): Utarasama Marine Sdn Bhd has ceased to be a substantial shareholder of integrated engineering solutions provider Destini Bhd after it sold off its entire equity interest in the company.

Utarasama Marine offloaded its entire shareholding of 83.75 million shares or a 5.03% stake in Destini via a direct business transaction on Thursday (May 11), the company’s bourse filing showed.

With the disposal, Destini’s former executive chairman Datuk Rozabil @ Rozamujib Abdul Rahman is left with an indirect stake of 3.76% in Destini, as his indirect shares were held via Utarasama Marine. Currently, Rozabil holds a direct stake of 6.23% in Destini, making him the fourth-largest shareholder of the group.

Utarasama Marine surfaced in late July 2016 when it acquired 101 million shares, and it further increased its shareholding to 120.13 million or 10.4% in November 2016. However, it has been paring its stake in a series of disposals, beginning May 2017.

Shares of Destini closed unchanged at eight sen on Thursday, giving the company a market capitalization of RM133.08 million.