Tycoon Tajudin Ramli's business empire crumbled today as the state debt restructuring agency Danaharta sold his 13.1 percent stake in the country's second biggest mobile phone operator to Telekom Malaysia.

Pengurusan Danaharta Nasional said in a statement it had disposed of 260.87 million shares - pledged as loan collateral by Tajudin - in telecoms firm Technology Resources Industries (TRI) for RM2.75 ringgit (72 US cents) a share or a total RM717.39 million.

Danaharta also invited bids for Tajudin's stake of about 45 percent, or 309.65 million shares, in his cash-rich aviation firm Naluri Bhd.