KUALA LUMPUR (Oct 8): Daya Materials Bhd's former president and chief executive officer Datuk Mazlin Md Junid has ceased to be a substantial shareholder in the oil & gas company.

According to a Bursa Malaysia filing this afternoon, Daya Materials said Mazlin had disposed of 23 million shares on Sept 29 and a further 20 million shares on Sept 30, which collectively represents a 3.09% stake in the company.

Following the disposals, Mazlin, who has been paring down his stake in the company since February this year, now holds 3.65% directly and 1.36% indirectly.

Mazlin was the company's president and chief executive officer, before being redesignated as a non-executive director in June, a post which he resigned two months later on Aug 26.

As at 3.02pm today, Daya Materials's counter has fallen 1.89% or half sen to 26 sen, leaving with a market capitalisation of RM354.15 million.