KUALA LUMPUR: Ranhill Utilities Bhd founder and chief executive officer, Tan Sri Hamdan Mohamad has resigned.
This comes after YTL Power International Bhd and a company it owns a majority stake in, SIPP Power Sdn Bhd, completed its takeover of Ranhill.
On July 9, YTL Power and SIPP Power launched a mandatory general offer (MGO) for Johor-based Ranhill, after it obtained a controlling stake of 53.19 percent.
Aside from Hamdan, Ranhill executive directors Datuk Seri Panglima Lim Haw Kuang and Zurina Abdul Rahim and independent director Imaan Aiysha Hamdan also resigned from the company.
In a filing with Bursa Malaysia, Ranhill said the resignations follow the terms of an agreement for the unconditional sale of shares.
Hamdan has controlled Ranhill after it took over Symphony House Bhd's listing status in December 2015.
YTL first emerged as Ranhill's primary shareholder last year after buying a 19 per cent stake for RM140 million or 58 sen per share from TAEL Management Co (Cayman) Ltd.
TAEL is a private equity firm which funded the privatisation of Ranhill Bhd and Ranhill Utilities in 2011.
The MGO for Ranhill was triggered in May after SIPP bought a 31.42 per cent stake in Ranhill for RM405.18 million or 99.5 sen a share from Hamdan.