KUALA LUMPUR (June 14): Health products manufacturer Water Beaute World Bhd has ceased to be the largest shareholder in Raya International Bhd.

A filing to the exchange today showed Water Beaute had disposed of 18.27 million Raya International shares, representing a 12.7% stake in the company, on June 10.

Following the disposal, Water Beaute shareholders Gan Siew Eng, Lui Leong Eng and Lee Chee Hoon also no longer own an indirect 12.7% stake in Raya International.

Raya International had announced in February that it is diversifying from its business of water filter components distribution to oil bunkering and the trading of oil related products.

The group is also proposing a special issue of up to 20.5 million shares, representing about 12.5% of its issued and paid-up share capital, to Bumiputera investors to be identified later, to raise gross proceeds of up to RM4.51 million, at an indicative price of 22 sen per share.

Raya International shares, which were trading at 36 sen on May 30, fell 14 sen since then or 38.9% to close at 22 sen today, for a market capitalisation of RM31.56 million.

As compared to yesterday, the stock has fallen 0.5 sen or 2.22% today, at its closing price of 22 sen per share.