KUALA LUMPUR (Oct 9): Sapura Resources Bhd (KL:SAPRES) is extending the leave of absence placed on its managing director Datuk Shahriman Shamsuddin for another month, according to sources.
Shahriman, who together with his brother Tan Sri Shahril Shamsudin hold an indirect 51.47% in Sapura Resources, has been put on garden leave since Sept 11. He would have been on garden leave for one month by Thursday (Oct 10).
When contacted, Mai Eliza Mior Mohamad Zubir — who has been appointed by Sapura Resources as the officer-in-charge to temporarily oversee the managing director's responsibilities — did not confirm or deny the news.
Eliza, who is also chief corporate officer of the company, told The Edge to “look out for [a] Bursa [Malaysia] announcement” by the company.
Previously, when confirming Shahriman’s leave of absence, Sapura Resources said in a filing that “investigative proceedings are currently underway, and no determination has been made” without elaborating on the reason behind the suspension or the investigation.
Shahriman has been serving as managing director of Sapura Resources for 17 years since March 2007. According to filings with the Companies Commission of Malaysia, Shahriman has been a shareholder of Sapura Resources since its shares were floated as Uniphone Telecommunications Bhd in the late 1990s.
The Edge Malaysia weekly previously reported that Shahriman's leave of absence could be either because of the hiring of an unqualified person at Sapura Resources, or potential conflict of interest arising from Shahriman's interest in aviation company Explorer Group Sdn Bhd, in which he has been a director since 2019.
The publication also reported that Shahriman has filed a petition with the High Court on Sept 23 to wind up the family's investment vehicle, Sapura Holdings Sdn Bhd, which owns a 51.1% stake in Sapura Resources and other assets.
Shares of Sapura Resources closed unchanged at 28 sen on Wednesday, giving the property and aviation company a market capitalisation of RM72.6 million.