KUALA LUMPUR (Dec 31): Integrated crane services provider Handal Resources Bhd announced that its founder and non-executive chairman Datuk Mohsin Abdul Halim has tendered his resignation as he intends to retire from the position.

In a filing with Bursa Malaysia today, Handal said it has redesignated Tengku Baderul Zaman Sultan Mahmud as the new chairman, effective Jan 1, 2019.

Tengku Baderul Zaman is a director of Borneo SeaOffshore Sdn Bhd, which owns an 11.14% stake in Handal as at Dec 10, 2018.

Tengku Baderul Zaman was appointed to Handal’s board in July this year amidst a boardroom revamp, together with Tan Sri Dr Mohd Munir Abdul Majid, founding chairman of the Securities Commission Malaysia and Jacqueline Fong Yean Yee.

In July this year, Handal announced a revamp to its boardroom, which resulted in Sunildeep Singh Dhaliwal taking over the position of group managing director, while Mohsin, 75, was redesignated as the group's non-independent non-executive chairman, from executive chairman.

According to Handal, Tengku Baderul Zaman brings with him strong business acumen and experience in both listed and non-listed companies in the construction, oil and gas (O&G) and mining industries.

Sunildeep, 44, is a co-founder and executive director of Borneo Seaoffshore.

Handal’s shares traded unchanged at 32 sen today, giving it a market capitalisation of RM51.06 million.