KUALA LUMPUR (July 13): Kenanga Investors Bhd has emerged as a substantial shareholder of Citaglobal Bhd after acquiring a 5.51% stake.

In a bourse filing on Wednesday (July 12), Citaglobal said Kenanga Investors acquired the stake comprising 23 million shares on Tuesday.

“The investment manager of Kenanga Islamic Absolute Return Fund acquired the shares as part of portfolio investment,” the group said.

Citaglobal had earlied notified that its non-independent non-executive director Ikhlas Kamarudin had ceased to be a substantial shareholder of the company after his vehicle Citaglobal Energy Resources Sdn Bhd (CERSB) offloaded 23 million shares for RM29.9 million via a direct business transaction.

Post-disposal, Ikhlas was left with a 2.89% indirect stake or 12.06 million shares in Citaglobal via CERSB.

Besides Kenanga Investors, Citaglobal’s other substantial shareholders are Tan Sri Mohamad Norza Zakaria with a 33.9% stake, as well as Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah, with a 7.97% stake.

Ikhlas, together with Mohamad Norza, were among the persons acting in concert to extend a mandatory takeover of Citaglobal in 2022.

Shares in Citaglobal ended unchanged at RM1.37, giving the company a market capitalisation of RM572.03 million.

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Ikhlas Kamarudin ceases to be substantial shareholder of Citaglobal