KUALA LUMPUR (Sept 3): Industrial paint manufacturer and trader Sersol Bhd (KL:SERSOL) has appointed Datuk Faizal Abdullah as its independent and non-executive chairman, as the company refreshes its board following the exit of several directors.
In an exchange filing, Sersol said Faizal, 55, has more than three decades of experience in corporate affairs, business management and public administration. He also currently sits on the boards of Titijaya Land Bhd (KL:TITIJYA) and Fast Energy Holdings Bhd (KL:FAST).
He previously held senior management and executive positions at Tadmax Resources Bhd, including group chief executive officer and executive deputy chairman. He is also a corporate adviser to several companies in Malaysia and Indonesia.
Faizal served as political secretary to the housing and local government minister from 2016 to 2018. He holds a Master of Business Administration from the University of Strathclyde in Glasgow, UK.
Sersol also announced the appointments of Teo Beng Wei and Goh Jooi Shen as independent non-executive directors.
The board changes come a day after Sersol announced the emergence of Peh Lon Pah @ Pei Tze Chiang as a substantial shareholder and the departure of former executive director Datuk Mohamed Suffian Awang.
Peh acquired 100 million shares, representing a 12.43% direct stake in Sersol, through an off-market transaction on Sept 1. Sersol did not name the seller.
Mohamed Suffian, who had held 100 million indirect shares through Ice Age Property Sdn Bhd, has since ceased to be a substantial shareholder. The number of shares disposed of by Mohamed Suffian matches the 100 million shares acquired by Peh, although the filings did not identify whether the transactions were related.
Along with Mohamed Suffian, non-independent and non-executive directors Tan Long Lang and Alan Ling Sie Kiong also resigned on Wednesday.