Malaysia: corporate drama at home-grown Petra Perdana sees the chief executive booted out of his office.
Petra chief forced to step down
Kuala Lumpur listed Petra Perdana’s chief executive officer, Ibrahim Petra and four directors were removed at one of the longest extraordinary general meetings (EGM) in Malaysia’s corporate history.
The 13-hour-long DGM was called by suspended executive director Shamsul Saad to remove Ibrahim, his wife Nariza Hajjar Hashim, Wong Fook Heng and Tiong Young Kong, according to the Star newspaper.
Three new faces, Kho Poh Eng, Koh Pho Wat, Surya Hidayat Abdul Malik and Ganesan Sundaraj were appointed to the board at the same event.
Last December, Shamsul filed an injunction to block the sale of a 25% stake in brownfield services subsidiary, Petra Energy.
Ibrahim subsequently countered with an application to lift the injunction.
The stake sale, as earlier reported in Upstream, is required in pare down Petra Perdana's debts.
Analysts have argued the divestment would affect Petra Perdana’s performance in the future.