KUALA LUMPUR (June 26): Sapura Energy Bhd (KL:SAPNRG) has granted chairman Datuk Mohammad Azlan Abdullah leave of absence with immediate effect to allow the 56-year-old to focus on ongoing investigations by the Malaysian Anti-Corruption Commission (MACC) regarding a matter unrelated to the oil and gas engineering group.
In the absence of Mohammad Azlan, Sapura said it had appointed non-independent non-executive director Shahin Farouque Jammal Ahmad as the interim chairman until further notice.
“We wish to reiterate that Sapura’s business will continue as usual, including its ongoing debt restructuring efforts. As a responsible publicly listed entity, we comply with the highest standards of corporate governance, transparency, and integrity in all our operations.
“We understand the significance of keeping our stakeholders informed, and will provide updates when there are pertinent developments on this matter,” said the group in a stock exchange filing on Wednesday.
Mohammad Azlan was appointed to Sapura’s board in October 2019, before being promoted to chairman in May 2022.
According to Sapura Energy's website, Azlan has held the role of group chief executive officer of Projek Lintasan Kota Holdings Sdn Bhd (Prolintas) since March 1, 2017. Prior to joining Prolintas, he was the CEO of The New Straits Times Press (Malaysia) Bhd.
It was reported on Tuesday that MACC had arrested the CEO of a highway concessionaire in the Klang Valley, together with seven others, as it investigated an alleged bribery in connection with two highway projects worth RM1.67 billion.
Prolintas subsequently said it was "aware that our personnel have been remanded by the MACC to assist in an ongoing investigation relating to a construction case".
Shares in Sapura were traded unchanged at four sen at the afternoon market break on Wednesday, giving it a market capitalisation of RM735.04 million.
Prolintas Infra Business Trust (KL:PLINTAS), meanwhile, was trading at 89 sen, two sen or 2.2% lower, valuing it at RM979 million.