KUALA LUMPUR (July 3): MMAG Holdings Bhd executive chairman Datuk Khan Mohd Akram Khan has resigned from the post, effective today, after disposing of his shareholding in the information and communications technology (ICT) firm.

Khan, 50, said in an exchange filing that he is leaving MMAG “to concentrate fully on my executive role in another public listed company for my career advancement”.

According to MMAG’s website, Khan currently serves as the managing director of G3 Global Bhd which specialises in Internet of things solutions and artificial intelligence (AI). G3 Global is listed on the Main Market of Bursa Malaysia.

MMAG said Khan is a strategist and a serial entrepreneur in the fields of big data analytics, automotive, logistics and trading, as well as other related products, with nearly 30 years of experience in these areas.

Two days ago, Khan disposed of his entire indirect interest of 102.01 million shares, representing a 10.08% stake, in the ACE Market-listed MMAG at 30 sen per share, another filing showed.

The shares, held via Cyress Valley Sdn Bhd, were disposed of via direct business transactions.

Meanwhile, MMAG alternate director Dirk Johann Quinten has left office due to the resignation of Khan as the principal director. Dirk, a German national, previously worked with Tenaga Nasional Bhd (TNB) and Petroliam Nasional Bhd (Petronas).

In another development, MMAG chief financial officer Kenny Khow Chuan Wah acquired 10 million shares in the company, representing a 0.99% equity interest, via Grandstead Sdn Bhd at 30 sen per share, another filing showed.

This raised his stake in MMAG to 14.06%, or 142.19 million shares, according to another filing.

MMAG’s share price dropped 1.5 sen or 3.9% to 37 sen today, with 1.24 million units done. This gave the counter a market capitalisation of RM374.32 million.