SINGAPORE (THE BUSINESS TIMES) - Mirzan Mahathir has ceased to be SBI Offshore's executive non-independent chairman after shareholders did not re-elect him at the annual general meeting (AGM) held on Monday (June 29).
Mr Mirzan, who is the eldest son of former Malaysian prime minister Mahathir Mohamad, has also retired from his role as a director at the Catalist-listed firm, according to a regulatory update on the same day.
His exit took effect from the conclusion of the AGM.
As there is no notice period in Mr Mirzan's service agreement and he is required to step down immediately, SBI Offshore said its board of directors is in discussion with the company's management and Mr Mirzan on the smooth handover of his duties.
SBI Offshore disclosed that it may retain Mr Mirzan's services on a limited basis to deal with several ongoing matters and to ensure a smooth handover.
Mr Mirzan was appointed executive non-independent chairman of the company in 2014 and was responsible for the group's overall management and operations, as well as its strategic planning and development. He is a substantial shareholder of the company.
Shares of SBI Offshore last traded at 3.6 cents on June 15.