KUALA LUMPUR (Feb 21): Investors were cautious following the demise of former Sarawak governor Tun Abdul Taib Mahmud, who controlled substantial stakes in several companies listed on Bursa Malaysia.

Most of the stocks linked to Abdul Taib, who passed away early on Wednesday, were slightly lower.

Oil-and-gas services firm Dayang Enterprise Holdings Bhd, in which Naim Holdings Bhd owned a 24.22% stake, saw its share price drop seven sen to RM2.23 as at Wednesday’s market close, while Cahya Mata Sarawak Bhd (CMS), which makes building materials, was down one sen to RM1.02 per share.

Naim Holdings is linked to Datuk Amar Abdul Hamed Sepawi, who is a cousin to the late Abdul Taib, with a direct stake of 6.34% and indirect stake of 14.3%. CMS is linked to Abdul Taib’s daughter and Deputy Economy Minister Datuk Hanifah Hajar Taib Alsree with deemed interest of 12.55%.

Abdul Taib’s death “impacted market sentiment, leading to today's (Wednesday) decline in share prices", said an analyst who covers Dayang. Nevertheless, Dayang is a “fundamentally strong company with robust earnings growth, making it favourable in the long run", the analyst added.

Abdul Taib and his family amassed stakes in companies in wide-ranging industries spanning from cement to plantation, and from timber to financial services.

Bucking the trend, Naim Holdings rose 3.5 sen to 90 sen. CMS also has a 17.9% stake in steel fabrication company KKB Engineering Bhd, which slipped one sen to RM1.76.

Meanwhile, plantation company Ta Ann Holdings Bhd (where Abdul Hamed has 7.5% direct and 26.5% indirect stakes) dropped six sen to RM3.79, while Sarawak Plantation Bhd (14.37%-owned by Ta Ann) was down one sen to RM2.25.

Born on May 21, 1936, Abdul Taib helmed the state as its chief minister for 33 years.

He was appointed as the seventh Yang di-Pertua Negeri of Sarawak, replacing Tun Abang Muhammad Salahuddin Abang Barieng on March 1, 2014.

After almost 10 years in the position, Abdul Taib was replaced by Tun Dr Wan Junaidi Tuanku Jaafar, who was sworn in as the Yang di-Pertua Negeri on Jan 29.