KUALA LUMPUR (Dec 5): Bumi Armada Bhd’s chief executive officer Hassan Assad Basma has sold the remainder of his stake in the company on the open market.

Based on a filing with Bursa Malaysia today, Hassan sold one million Bumi Armada shares at RM1.02 and another block of 1.74 million shares at RM1.03 on Dec 4.

Collectively, these shares represent the last chunk of his 0.05% stake in Bumi Armada.

“The disposals were undertaken due to margin calls on loan facilities taken by Hassan Assad Basma to purchase the said shares,” said the announcement on Bursa Malaysia.

Hassan has been paring down his stake in the oil and gas firm in the last few months. In mid-October, he disposed some 5.5 million shares after the company’s bonus issue. Later in November, he sold another 1.76 million Bumi Armada shares.

In contrast, Bumi Armada’s two substantial shareholders, Datuk Ahmad Fuad Md Ali and Datuk Abdul Farish Abdul Rashid have been accumulating the company’s shares.

Based on the latest filings with Bursa Malaysia, Ahmad Fuad now holds 0.03% direct stake in Bumi Armada while Abdul Farish has a total 0.02% shareholding stake in the company.

Today, Bumi Armada’s share price closed unchanged at RM1.04, giving it a market capitalisation of RM6.1 billion. The stock price has been declining since the beginning of the year and has shed 57.84% year-to-date.