KUALA LUMPUR (Jan 3): Minetech Resources Bhd has appointed Abang Abdillah Izzarim Abang Abdul Rahman Zohari as the company's new executive chairman.
Abang Abdillah, 45, is the son of Sarawak Premier Tan Sri Abang Abdul Rahman Zohari Abang Openg, more popularly known as Abang Johari or Abang Jo.
Abang Abdillah is succeeding Ahmad Rahizal Datuk Ahmad Rasidi, who has been redesignated as non-executive director.
Prior to this appointment, Abang Abdillah acquired a 15.58% stake in Minetech comprising 240 million shares, making him a substantial shareholder in the company, which is primarily involved in civil engineering and the manufacturing of bituminous products, having also diversified into renewable energy.
Minetech's former executive chairman Datuk Awang Daud Awang Putera, who is also the co-founder of the troubled and soon-to-be-delisted Serba Dinamik Holdings Bhd, ceased to be a substantial shareholder after he offloaded 245 million shares in the company in late December.
The disposal represented a 15.9% stake in Minetech, leaving Awang Daud with 3.27% equity interest or 50.42 million shares in the group.
This came after Awang Daud resigned as Minetech's executive chairman on May 31 "to pursue interests in other fields".
Starting his career as a commercial pilot, Abang Abdillah also currently sits on the board of Berjaya Land Bhd and was the executive chairman of Sarawak Consolidated Bhd for about six months, from June 28 to Dec 11.
"We are delighted to welcome Encik Abang Abdillah Izzarim as our new executive chairman. His diverse experience, coupled with his entrepreneurial spirit, brings a unique perspective to our leadership," Minetech executive director Matt Chin said in a statement.
"We believe his appointment and substantial investment in Minetech are indicative of a bright future for the company, especially with the potential for expanding our reach in the Sarawak region, considering Encik Abang Abdillah's strong exposure in the region," he added.
Besides Abang Abdillah's appointment, Minetech also announced the resignation of non-executive director Loke Kim Meng and redesignation of alternate director Chin Sheong Choy to executive director.
The group also appointed Chin Jet Choy, the son of executive director Choy Sen @ Chin Kim Sang and brother of Sheong Choy, as new alternate director.
Shares of Minetech rose three sen, or 20.7%, on Wednesday to close at 18 sen, with a market capitalisation of RM279.24 million.