Petra Perdana changed CEO
Filed Under (Business News) by Webmaster on 05-02-2010
Tagged Under : Petra Perdana, Tengku Datuk Ibrahim Petra
Four directors of listed offshore marine service provider Petra Perdana Bhd, including chief executive officer Tengku Datuk Ibrahim Petra Tengku Indra Petra, were removed last night at one of the longest extraordinary general meetings (EGMs) in local corporate history.
The EGM, which dragged for over 13 hours, was called by suspended executive director Shamsul Saad to remove Tengku Ibrahim, his wife Datin Nariza Hajjar Hashim, Wong Fook Heng and Tiong Young Kong.
Eager shareholders arrived as early as 8.30am for the 10am meeting at Renaissance Hotel ballroom. By the time the meeting ended at close to midnight, the shareholders were restless and agitated, with their numbers dwindling from 400 to about 100.
All EGM resolutions were passed, including the appointment of Datuk Kho Poh Eng, Koh Pho Wat, Surya Hidayat Abdul Malik and Ganesan Sundaraj as directors.
No reasons were given for the lengthy vote tabulation process which had started at 2.30pm.
Tengku Ibrahim wished the new board all the best. “We’ve done our best and we have no regrets,” he told reporters. “We did everything possible for the company.”
Meanwhile, Shamsul said the new board members would convene a board meeting first before determining the company’s next course of action.
The entire Petra Perdana saga started with the company selling its 25% stake in subsidiary Petra Energy in a move analysts said could affect the company’s ability to perform in the future.
The divestment would reduce Petra Perdana’s shareholding in Petra Energy to 29.59% with the Tengku Ibrahim faction indicating that the net proceeds would be used to pare down bank borrowings and for other financial obligations.
In December, Shamsul filed an injunction to stop the sale and last week Tengku Ibrahim filed an application to lift the injunction.
Meanwhile, Minority Shareholder Watchdog Group CEO Rita Benoy Bushon said the new board must ensure they have more independent members and there is separation of the role of the new chief executive officer and the chairman.
She added that the representation must be reflective of the shareholdings.
