KUALA LUMPUR (March 20): Tadmax Resources Bhd's executive deputy chairman Datuk Faizal Abdullah has ceased to be a substantial shareholder of the company, after disposing of 27 million shares or a 5.51% stake in the open market.

In a filing with Bursa Malaysia today, Tadmax said Faizal ceased to be a substantial shareholder on March 15.

Faizal has been trimming his shareholding in the timber and property development company since the end of February, according to several filings on Bursa.

On Feb 28, he disposed of 15 million shares. He later sold five million shares on March 9, followed by the disposal of another 10 million shares and 15 million shares on March 13 and March 14 respectively.

Shares of Tadmax closed 2.5 sen or 5.5% higher at 48 sen, with 38.27 million shares traded, for a market capitalisation of RM234.83 million.