KUALA LUMPUR (Feb 17): Tan Sri Zainun Ali, former Federal Court judge and ex-chairman of Malaysia Airports Holdings Bhd (MAHB) (KL:AIRPORT), has stepped down from the board of directors of the airport operator following the expiry of her term on Monday.
In a filing with Bursa Malaysia, MAHB said Zainun, 73, has ceased to be a non-independent non-executive director of MAHB, following the expiry of her tenure as a representative of the Minister of Finance Inc.
Zainun was redesignated to the role of director after MAHB announced in May last year former Malaysian Aviation Commission executive chairman Dr Nungsari Ahmad Radhi as the new chairman of the group — a position Zainun had served in for 15 months.
The announcement came ahead of a proposal by Gateway Development Alliance Sdn Bhd (GDA) — a consortium comprising Khazanah Nasional Bhd, the Employees Provident Fund, the Abu Dhabi Investment Authority and Global Infrastructure Partners — to privatise MAHB at RM11 per share, in a deal valued at over RM12 billion.
As at Feb 14, GDA held a 98.694% stake in MAHB and will compulsorily acquire all of the group's shares from dissenting shareholders.
Zainun was tipped to replace Tan Sri Shahril Ridza Ridzuan as chairman of Axiata Group Bhd (KL:AXIATA) later that year, sources said. However, she was appointed as one of four eminent persons appointed to sit on the Judicial Appointments Commission in November.
Her departure leaves MAHB with 11 directors on the board, comprising Nungsari, managing director Datuk Mohd Izani Ghani, four non-independent non-executive directors — Datuk Zamzuri Abdul Aziz, Datuk Normah Osman, Datuk Amran Hafiz Affifudin and Rohaya Mohammad Yusof — and five independent non-executive directors, namely Datuk Mohamad Husin, Ramanathan Sathiamutty, Cheryl Khor Hui Peng, Datuk Seri Koe Peng Kang and Chris Chia Woon Liat.
Shares of MAHB closed unchanged at RM10.88 on Monday, giving it a market capitalisation of RM18.15 billion.
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