The eldest son of former Malaysian prime minister Mahathir Mohamad has failed to win re-election as SBI Offshore executive non-independent chairman.

Mr Mirzan Mahathir stepped down immediately after the vote at the company's annual general meeting on Monday.

He also quit as a director at the Catalist-listed firm, according to a regulatory update on the same day.

There was no notice period in Mr Mirzan's service agreement but SBI Offshore said its board is in discussion with him and company management on the smooth handover.

The firm also disclosed that it may retain Mr Mirzan's services on a limited basis to deal with several ongoing matters.

Mr Mirzan, who was appointed executive non-independent chairman in 2014, is a substantial shareholder of the company.

SBI Offshore shares last traded at 3.6 cents on June 15.

THE BUSINESS TIMES