Tajudin Ramli has kept his position as executive chairman of Technology Resources Industries Bhd (TRI) despite losing his shares in the company after failing to pay debts, shareholders said today.

The former corporate heavyweight was re-elected director of TRI, the country's second-largest mobile phone operator, at its annual general meeting, they said.

All the resolutions, which also included resolutions to re-elect Tajudin's associates as directors, were also passed by a show of hands, shareholders added.

"There were a small number of objections to Tajudin's re-election but it was finally passed on a majority vote by show of hands," one shareholder said.

State-owned communications operator Telekom Malaysia, which holds a stake of about 31.25 percent in TRI, wants to remove four existing directors of the troubled firm including Tajudin and replace them with its own nominees.

Tajudin later told reporters TRI hopes to complete its recapitalisation plan in August as scheduled, which includes unit Celcom Malaysia Bhd's planned takeover of TRI's listing status.

"The new company that will be listed on the stock exchange, which will carry the same brand that we sell. That is likely to happen in August," Tajudin said.

Low trade

Shares in TRI rose in early trade but ended the day down 0.03 sen at RM2.46. Overall, share prices fell 1.7 percent today in line with sharp losses in the region as investors took the

sidelines amid jitters over a fraud case involving US telecoms giant WorldCom.

In April, state debt restructuring agency Pengurusan Danaharta Nasional said it disposed of the 13.14 percent stake in TRI pledged by Tajudin for RM2.75 a share or a total RM717.39 million.

Danaharta also invited tenders for Tajudin's stake of about 45 percent in his cash-rich aviation firm Naluri Bhd.

It said the move came after Tajudin missed a deadline to pay for his rights shares entitlement under TRI's ongoing debt restructuring plan.