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Major directors quit SapuraKencana board

Major directors quit SapuraKencana board
Corporate moves are afoot at major Malaysian oil and gas services provider SapuraKencana Petroleum with influential directors Mokhzani Mahathir and Yeow Kheng Chew both resigning from the board with effect from Wednesday, with citing personal reasons.

Mokhzani resigned from his post as vice chairman while Yeow resigned from his post as a non-executive director.

Mokhzani was appointed to the board of SapuraKencana on 9 December 2011 as the executive vice chairman and a non-independent executive director. On 1 February 2014, he was redesignated as a non-independent non-executive vice chairman.

Yeow was also appointed to the board of SapuraKencana on ( december 2011 as a non-independent executive director. On 1 February 2014, he was redesignated as a non-independent non-executive director.

They had already been winding down their interests since last year, with Mokhzani selling about 190m shares in February  and reducing his stake to just over 9% from the 15% he originally held. At at price of MYR4.30 per share, he reaped about MYR817m ($223.3m) Mokhzani and Yeow have gone on to plug into Yinson Holdings picking up a 18.55% stake via Kencana Capital stake in Yinson, second only to the 22% held by its chairman Lim Han Weng. Kencana bought in a 15% stake in June last year through a private placement.