SINGAPORE - Mainboard-listed Mirach Energy said on Friday (May 31) that chief executive Chan Shut Li will be relinquishing his position, and will remain as executive chairman of the oil and gas company's board.

His replacement is Liu Kaichun, CEO of Hubei Chuanggou Products Trading Services and a trained lawyer in China. Following the move, he will be tasked with "rejuvenating and expanding" the company's business, Mirach said in a regulatory filing.

It added that the CEO change, with effect from June 1, is part of the company's plan to expand its business further and for key executives' succession planning.

"The board has reviewed and concluded that Mr Liu possesses the requisite qualifications and experience to assume the position of CEO," it said, while thanking Mr Chan for his past contributions and continued contribution as executive chairman.

In April, the company was granted a 15-month extension by the Singapore Exchange to cure its watch-list status. Mirach was previously given until Feb 28 to exit the watch list, and applied for the latest extension on March 4.

The company's shares were trading flat at $0.21 on Friday as at 9.54am.