KUALA LUMPUR (May 31): Hengyuan Refining Co Bhd has appointed Fauziah Hisham and Liang Kok Siang as new independent non-executive directors of the company.

This follows the resignation of three independent non-executive directors — Datuk Yvonne Chia, Datuk Zainun Aishah Ahmad and Heng Heyok Chiang @ Heng Hock Cheng.

In a statement today, Hengyuan Refining’s chairman and non-independent non-executive director Wang YouDe said Hengyuan Refining have been meticulous in selecting the right candidates to fulfill the role of independent non-executive directors.
 
“We are confident that the new composition of our board is ideal in terms of expertise, experience, relevance and diversity — key elements that can take our company to greater heights of success,” he added.
 
In a separate filing with Bursa Malaysia today, Hengyuan Refining said Sun Jianyun, a non-independent non-executive director, will be relinquishing his role from tomorrow. Sun is currently the chief investment officer for Mercuria Energy Group Ltd.
 
“Pursuant to Bursa’s Main Market Listing Requirements, future transactions between Hengyuan Refining and companies from Mercuria Group will no longer be deemed as recurrent related party transactions after Dec 1, 2017,” it added.

With the resignations and appointments to its board, Hengyuan Refining said it is confident that this scale and composition is ideal for a company of its size.