KUALA LUMPUR (April 3): Creador founder and chief executive officer Brahmal Vasudevan has exited MR DIY Group (M) Bhd's board of directors.

According to the home improvement chain operator’s Bursa Malaysia filing, Brahmal resigned as non-independent and non-executive director as he is no longer the board representative for Hyptis Ltd, a unit of Creador. Brahmal was appointed to MR DIY’s board in August 2018, MR DIY’s annual report showed.

The resignation came on the heels of Creador's announcement last Friday (March 31) that it had divested its remaining 4.92% stake in MR DIY via a private placement exercise, at a price tag of RM1.43 per share or RM664 million in total.

Of the 464 million shares offloaded, 360 million shares were bought by institutional investors at RM514 million, while the remaining 105 million shares were taken up by MR DIY and Creador's management for RM150 million.

Also on Friday, MR DIY's bourse filings showed that its founder and executive vice-chairman Tan Yu Yeh had forked out RM71.5 million to scoop up 50 million shares or a 0.53% stake in the home improvement retailer. His brother, executive vice-president Tan Yu Wei, acquired 7.6 million or 0.08%.

This raised Yu Yeh's direct stake in MR DIY to 0.55% and Yu Wei’s direct stake to 0.09%. The pair holds another 50.76% stake or 4.8 billion shares via Bee Family Ltd.

Brahmal, meanwhile, snapped up 14.92 million shares or a 0.16% stake via Japamala Ltd for RM21.34 million, bumping his total stake in MR DIY to 0.232%.

Platinum Alphabet Sdn Bhd’s Tan Gaik Hoon acquired 4.2 million shares, raising her direct stake to 0.31%, while Gan Choon Leng acquired 3.5 million shares, raising his direct stake to 0.29%. Through Platinum Alphabet, the pair also holds an indirect stake of 6.1% in MR DIY.

MR DIY shares closed 10 sen or 6.45% higher at RM1.65 on Monday, giving the group a market capitalisation of RM15.56 billion.

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Creador confirms MR DIY exit for RM664 mil