KUALA LUMPUR (Oct 29): Cuscapi Bhd (KL:CUSCAPI) saw boardroom changes on Thursday, including the resignation of businessman Datuk Jayakumar Panneer Selvam.

Until Sept 11, Zetrix AI Bhd (KL:ZETRIX) managing director Wong Thean Soon (TS Wong) was a substantial shareholder in the company. The disposal brought in a new substantial shareholder, Tan Boon Seng.

Jayakumar, 60, resigned as Cuscapi’s non-independent non-executive director with immediate effect, citing personal commitments, according to a bourse filing.

Jayakumar was Cuscapi’s executive chairman from June 2018 before being redesignated as a director on Sept 8 this year. He holds 2.98 million shares directly in Cuscapi, equivalent to a 0.32% stake, and another 17.88 million shares indirectly, representing a 1.89% stake.

Separately, Cuscapi appointed Datuk Sham Shamrat Sen Gupta as an independent non-executive director on Thursday. 

Sham has been the chief executive officer of S&S Quest Resources Sdn Bhd, a G7 Bumiputera company principally involved in civil construction and management consulting, since 2010. He is also chairman of boutique financial advisory firm VIVOS Malaysia.

Last month, Cuscapi proposed a private placement of up to 94.49 million new shares to raise as much as RM4.55 million for working capital.

Shares of Cuscapi closed unchanged at 4.5 sen on Thursday, valuing the group at RM38.27 million.