Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Feb 12): Tanjung Offshore Bhd's director Tan Sri Datuk Tan Kean Soon, who has been suspended from the company's board due to alleged breaches of fiduciary duty, has filed his intention to remove three directors from the board of the oil and gas services provider.
 
In a filing to Bursa Malaysia today, Tan and two persons acting in concert, have given special notice of their intention to do so and proposed an extraordinary general meeting to be called for the removal of the three directors, with immediate effect.
 
Tan is acting in concert with Datuk Dr Nik Norzrul Thani N. Hassan Thani and Datin Norhafizah Nordin. They collectively hold 38.58 million shares or a 10.4% stake in Tanjung (fundamental: 1.95; valuation: 1.8).
 
They are seeking to remove George William Warren Jr, Datuk Ab Wahab Ibrahim and Shahrizal Hisham Abdul Halim. The three are coincidentally members of an independent committee that recently suspended Tan and two other company officials from their executive and adviser roles for possible breaches among other things.
 
Tanjung currently has six directors in total: Tan (non-independent director), Muhammad Sabri Ab Ghani (executive director), Eric Tan Wee Koh (executive director), George William (independent non-executive director), Ab Wahab Ibrahim (non-executive director) and Shahrizal Hisham (independent non-executive director).
 
Sabri has been suspended by Tanjung recently, alongside Tan and group adviser Datuk Harzani Azmi.
 
Meanwhile, the parties led by Tan are also moving to appoint five persons to Tanjung's board: Norzrul, Datuk Rosman Hasan, Datuk Norazman Hamidun, Datuk Maheran Salleh and Tan Sam Eng.
 
If Tan's requisition is successful, the five new appointments will make it a full board of seven, including Eric Tan and Tan himself.
 
Interestingly, in a filing to Bursa this evening, Tanjung said it has appointed a new chief executive officer, Rahmanudin Md Shamsudin, who also happened to emerge as the company's single largest shareholder.
 
According to a filing with Bursa today, Rahmanudin had acquired some 37.18 million shares, representing a 9.99% stake in Tanjung, yesterday (Feb 11). Following the purchase, Rahmanudin's shareholding has exceeded Lembaga Tabung Haji's (LTH) 8.25% stake. LTH was previously the single largest shareholder.
 
Rahmanudin is not a new shareholder in Tanjung Offshore, having previously held a 2.69% stake at end-March 2013, according to the company's 2012 annual report. It is believed that he had sold the stake following the departure of co-founder Omar Khalid from the company.
 
Omar, then managing director, resigned in late 2012 and pared his 33% stake following the sale of Tanjung's core business to Ekuiti Nasional Bhd. As at May 2014, he retained a 1.68% stake.
 
Shares of Tanjung closed half a sen or 0.93% higher at 54 sen, giving it a market capitalisation of RM199.04 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

      Print
      Text Size
      Share