Three nominations to the Petra Perdana Berhad board by three shareholders have been withdrawn according to an announcement to Bursa Malaysia yesterday putting to rest, at least for now, the boardroom tussle which had plagued the company since December last year.
The company said it had received three letters, dated July 14, 2010 respectively from Datin Che Nariza Hashim, Nik Ismail Tengku Besar Indra Raja and Ramilah Joannah Sulaiman to withdraw the nominations of Datuk Syed Norulzaman Syed Kamarulzaman, Datuk Shaik Sulaiman S Mohamed Ismail and Suhaimi Badrul Jamil respectively.
The nominees were believed to be aligned to Petra Perdana’s former executive chairman and CEO Tengku Ibrahim Petra.
“The letters from the three shareholders were accompanied by letters from the nominees withdrawing their respective notice of candidacy as director dated June 8, 2010,” Petra Perdana said in the statement.
In an emailed statement to the press, Che Nariza, on behalf of Ramilah Joannah and Nik Ismail, said that they had decided to withdraw their nominations “after considering the matter in light of the disruptive and negative implications on Petra Perdana that have resulted from the current board’s resistance towards the nominations”.
“With this withdrawal, it is my sincere hope that Petra Perdana will be able to achieve closure on this matter as well as the so-called ‘tussle’ and move on to focus on overcoming the serious financial and business challenges it is currently facing,” the statement by the three shareholders stated.
The withdrawal of the three individuals follows that of another proposed director, John Pang Yun Nian, on June 30, 2010.
Following the move, Petra Perdana said the resolutions in relation to the election of nominees as mentioned in its announcement to Bursa Malaysia dated July 1 and notice of adjournment of its AGM; and additional resolutions of its adjourned 14th AGM dated July 5 will also be withdrawn.
Petra Perdana’s adjourned 14th AGM will now reconvene as planned on July 20 at the One World Hotel in Bandar Utama, Petaling Jaya.
“It will consider resolutions No 3, 4, 5 and 6 on the re-election of Surya Hidayat Abd Malik, Shamsul Saad, Raja Anuar Raja Abu Hassan and Idris Zaidel respectively as directors and resolution 11 on the election of Hamdan Rasid,” the company said in the statement.
These resolutions were not tabled at the AGM after a High Court Order granted on June 28, 2010, which saw five of the 11 resolutions deferred to a later date for shareholders’ consideration.
The deferment was by virtue of a High Court order which required the resolutions on the re-election of four directors — Surya Hidayat Abd Malik, Shamsul Saad, Raja Anuar Raja Abu Hassan and Idris Zaidel — and nomination of Lembaga Tabung Haji’s Hamdan Rasid into the board of Petra Perdana to be tabled at a separate AGM on July 20.
Petra Perdana subsequently filed an appeal against the the High Court judgment.
This article appeared in The Edge Financial Daily, July 15, 2010.
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