KUALA LUMPUR (Dec 31): Penang Deputy Chief Minister II Jagdeep Singh Deo has been removed from the board of Penang's water service provider, PBA Holdings Bhd (KL:PBA), with immediate effect.

Jagdeep, 53, vacated his post as a non-independent and non-executive director "pursuant to Paragraph 15.05(3)(c) of the Main Market Listing Requirements of Bursa Malaysia Securities Bhd," according to PBA's filing with the local stock exchange on Tuesday.

Under this listing requirement, the office of a director becomes vacant if the director is absent from more than 50% of the total board of directors' meetings held during a financial year.

Jagdeep, who is Datuk Keramat assemblyman and oversees the state’s human capital development, science, and technology portfolio, was appointed to the board of PBA in September 2023.

His appointment came after he retained his seat in the Penang state election that same year and was subsequently named the state’s deputy chief minister.

There had been speculation that Jagdeep might be removed from his administrative duties after he was placed on medical leave to undergo ankle treatment in July this year. Penang Chief Minister Chow Kon Yeow has denied these claims.

Currently, 11 other individuals sit on the board, including Chow, who serves as the non-independent and non-executive chairman, Penang Deputy Chief Minister I Datuk Dr Mohamad Abdul Hamid, and state exco member Zairil Khir Johari.

Shares in PBA ended the day five sen or 2.18% lower at RM2.24, valuing the company at RM742.04 million.