KUALA LUMPUR (May 11): Soon-to-be new Securities Commission Malaysia (SC) executive chairman Datuk Dr Awang Adek Hussin on Wednesday announced his resignation from PRG Holdings Bhd as its independent non-executive chairman.
PRG, which is in the business of investment holding and the provision of management services, said the reason for Awang Adek’s resignation was due to his recent appointment as the executive chairman of SC effective June 1, its bourse filing showed.
Awang Adek was appointed as chairman of PRG on Aug 18, 2017.
“The board of directors takes this opportunity to thank Awang Adek for his numerous contributions towards the group during his almost five-year tenure here.
“We wish him every success in his new endeavours,” said group executive vice chairman Datuk Lua Choon Hann in a separate statement.
On April 28, the Ministry of Finance (MoF) announced the appointment of Awang Adek as the new executive chairman of SC.
“Among his job experience was as assistant governor of Bank Negara Malaysia, former SC board member, former chairman of Tenaga Nasional Bhd, the first director-general of the Labuan Offshore Financial Services Authority, former Malaysian ambassador to the US and deputy minister of finance from 2006 to 2013,” said SC in a statement.
The appointment came after the departure of Datuk Syed Zaid Albar, who tendered his resignation just six months after his term was extended for a three-year period.
Syed Zaid had helmed the capital market regulator for nearly three years and six months.
In the financial year ended Dec 31, 2021 (FY21), PRG saw its net loss narrow to RM1.83 million from RM12.79 million in FY20, despite its revenue slipping 2.6% to RM191.37 million from RM196.4 million.
PRG’s business activities include manufacturing, property development and construction.
PRG shares finished 3.45% or half a sen lower at 14 sen, bringing it a market capitalisation of RM62.33 million.