KUALA LUMPUR (April 20): Datuk Ong Chong Sek, 59, has resigned as an executive director (ED) in Perduren (M) Bhd, due to the streamlining of its board’s composition.

In separate filings with Bursa Malaysia today, it was also revealed that Datuk Kamaluddin Abdullah, 48, who is the son of former Malaysian prime minister Tun Abdullah Ahmad Badawi; and Datuk Mazlin Md Junid, 53, were appointed as a non-independent and non-executive directors in the company.

Mazlin was formerly an executive director in oil and gas special purpose acquisition company, Reach Energy Bhd.

Before that, he was executive vice chairman, president and group chief executive officer of Daya Materials Bhd (fundamental:0.55; valuation :0.9).

Kamaluddin and Mazlin acquired a 69.3% stake in Perduren (fundamental:0.1; valuation:1.1) late last year, from Tan Sri David Law’s TS Law Group Sdn Bhd, at RM1.60 per share or RM149.6 million.

They subsequently launched a takeover offer to acquire the remaining 30.7% stake in Perduren for RM66.27 million cash or RM1.60 per share.

The duo had expressed their intention to maintain Perduren’s listing status, following the proposed takeover.

In January this year, the company said it will be divesting its existing property assets to focus on a possible niche area of property development and property investment businesses related to the oil and gas (O&G) industry.

Earlier this month, Perduren also proposed to change its name to Enra Group Bhd.

Perduren shares closed up 1 sen or 0.48% to RM2.10 today, for a market capitalisation of RM283.3 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)