KUALA LUMPUR (May 26): Sapura Energy Bhd has appointed a former top staff of Malaysia Marine and Heavy Engineering Holdings Bhd (MHB) and Petroliam Nasional Bhd (Petronas) into its boardroom, amid talks of merger between Sapura Energy and MHB — a unit of Petronas.
In a bourse filing on Friday (May 26), Sapura Energy announced that MHB’s former managing director and chief executive officer (CEO) Wan Mashitah Wan Abdullah Sani has joined the board as independent and non-executive director on Friday.
On the same day, it announced in a separate filing in Bursa Malaysia that Datuk Nur Iskandar A Samad, who has held many senior leadership positions in Petronas, has also come aboard as Sapura Energy’s other new independent and non-executive director.
Sapura Energy said Wan Mashitah, 56, has over 28 years' experience encompassing finance, strategic planning, project costing and supply chain management with her last position at MHB.
The group also highlighted that Wan Mashitah was the CEO of E&P Operations and Maintenance Services Sdn Bhd from March 31, 2022 to Sept 30, 2022, whereby she helped to transition the company from a wholly-owned subsidiary of Petronas to a privately-owned company.
Meanwhile, it said Nur Iskandar, 65, carries 41 years of experience in the downstream oil, gas and petrochemical industry, with main skill sets on project management and business operation of manufacturing facilities.
Sapura Energy said Nur Iskandar had been on the board of directors of several Petronas's subsidiaries previously.
It said his stint in Petronas has included being the CEO of Petronas Chemicals Fertiliser (Kedah) Sdn Bhd, senior general manager of Petronas human resource management on leadership and capabilities development, managing director and CEO of Petronas Penapisan Melaka Sdn Bhd and Malaysia Refining Company, and project director of petrochemical of Pengerang Integrated Complex (PIC) in Johor, all from 2001 to 2021.
The Edge has previously reported that merger talks are in the preliminary stage and being undertaken at the shareholder level of Sapura Energy and MHB, according to three separate market sources.
On Friday, the share price of Sapura Energy closed unchanged at 3.5 sen, valuing the group at RM489.36 million. Meanwhile, MHB settled lower half a sen or 0.96% to 51.5 sen, bringing it a market capitalisation of RM816.23 million.