Sapura Energy names PNB’s Abdul Jalil as chairman effective Feb 1

Abdul Jalil has a discussion with the outgoing chairman to ensure a smooth transition of board leadership

By S BIRRUNTHA / Pic By MUHD AMIN NAHARUL

SAPURA Energy Bhd has appointed Abdul Jalil Abdul Rasheed (picture) as its non-independent nonexecutive chairman, succeeding Datuk Hamzah Bakar, effective Feb 1.

The move came as the oil and gas (O&G) counter’s share price hit a historic low of 24.5 sen last Friday as financial markets digested the potential negative impact of the global economy from the spread of the novel coronavirus in China.

In a Bursa filing last Friday, the O&G service provider said its board has approved the group’s business plan, while Abdul Jalil had a discussion with the outgoing chairman to ensure a smooth transition of board leadership and to drive the execution of the business plan.

Sapura Energy is one of Permodalan Nasional Bhd’s (PNB) key strategic companies, in which PNB and its associated funds collectively own a 40% stake.

Abdul Jalil is also president and CEO of PNB, having been appointed on Oct 1, 2019, and has been a non-independent non-ED of Sapura Energy since Jan 1 this year.

Sapura Energy president and group CEO Tan Sri Shahril Shamsuddin said the group looks forward to Abdul Jalil’s “fresh ideas, deep capital markets knowledge and a varied set of competencies” in helming the board.

“His background and wealth of experience will be instrumental in steering Sapura Energy into a bright future. We have full confidence in him and his ability to take the company into its next exciting chapter of growth,” he stated.

Prior to joining PNB, Abdul Jalil served as CEO of the South Asian operations of US-based fund management company Invesco in Singapore.

He holds a degree in accounting and finance from the London School of Economics and Political Science.

He began his career as a graduate trainee at Aberdeen Standard Investments in London, where he later became investment manager and head of equities before eventually becoming CEO of Aberdeen Islamic Asset Management in Kuala Lumpur prior to joining Invesco in 2013.

The board of Sapura Energy also approved the appointment of Syed Ali Syed Salem Alsagoff, a nominee director of PNB, as non-independent non-ED of Sapura Energy effective Feb 1, 2020.

Syed Ali was previously a senior global and key account manager at Baker Hughes Malaysia. Earlier in his career, he worked in various capacities in the auditing, asset management and logistics sectors.

“Syed Ali’s experience in the O&G industry is a great addition to the current skills set of the board of Sapura Energy and we look forward to working with him.

We would also like to put on record our appreciation to PNB for its long-term commitment and trust in Sapura Energy,” Shahril added.

He also expressed his gratitude to Hamzah for his experience, counsel and drive for excellence that guided the company through “challenging times and various corporate exercises”.

“His invaluable oversight and advice helped us establish ourselves and become a global player we are today. His legacy will continue to be part of the company’s future successes,” Shahril added.

Following the change in chairmanship of the board, Abdul Jalil will be the chairman of the Board Remuneration Committee, taking over from Hamzah.

Datuk Ramlan Abdul Rashid will succeed Hamzah as chairman of the long-term incentive plan committee, while Datuk Muhamad Noor Hamid will replace Hamzah as a member of the Board Nomination Committee.