UEM presence on board drops to one but Costain denies the move signals any intention for UEM to exit the company

Costain non-executive director Azman Sulaiman has left the board to take up a senior position within 22% shareholder and Malaysian conglomerate UEM.

Sulaiman will not be replaced after the group's annual general meeting on 8 May, reducing UEM's presence on the board from two to one non-executive directors.

Kuwaiti-based Kharafi also holds a 22% stake and has one non-executive board member.

Costain denied that the move meant UEM would become less hands-on or signalled its intention to exit the company.

Takeover speculation has surrounded the group since a rights issue last September saw UEM drop its stake from 35% to 22%.