KUALA LUMPUR (March 27): Datuk Abdul Razak Abdul Majid has resigned from Petronas Gas Bhd’s board as an independent non-executive director, effective from Monday (March 27).
He joined the group as a director in September 2018.
In a bourse filing, Petronas Gas cited Abdul Razak’s resignation due to his appointment as the chairman of Tenaga Nasional Bhd (TNB), which requires "considerable time, commitment and focus on TNB's overall strategic matters".
His appointment as the chairman of TNB for a two-year term took effect on Monday.
It is worth noting that Abdul Razak had served the utility giant for 36 years prior to his latest appointment. His role previously included assignments of planning, construction and operations in all three core divisions of generation, transmission and distribution.
At Monday’s noon break, shares in Petronas Gas were up 34 sen or 2.11% to RM16.46, giving the company a market value of RM32.57 billion.
TNB's share price, meanwhile, had decreased four sen or 0.42% to RM9.50, giving it a market capitalisation of RM54.65 billion.