KUALA LUMPUR (March 23): Tanjung Offshore Bhd has received a notice from three requisitionists to call off an extraordinary general meeting (EGM) slated for this Friday (March 27).

According to a filing with Bursa Malaysia today, the withdrawal notice from the three parties — Tan Sri Tan Kean Soon, Datuk Dr Nik Norzrul Thani N. Hassan Thani and Datin Norhafizah Mohd Nordin — was received after the upliftment of suspension of three officers — Tan, Muhammad Sabri Ab Ghani and Harzani Azmi with immediate effect.

Interestingly, the board of directors has also redesignated Tan as its new executive director, replacing Muhammad Sabri who has resigned from the board today. Tan was previously a non-executive director.

Apart from Muhammad Sabri, who resigned for “personal reason”, George William Warren Jr has also resigned as independent non-executive director “to explore other opportunities elsewhere.”

In a press statement, Tanjung (fundamental: 1.85; valuation: 0.60) said the board welcomed Datuk Mohd Hafarizam Harun as its chairman, after appointing him an independent non-executive director today.

Three others were also appointed as independent non-executive directors, namely Nik Norzrul Thani, Datuk Maheran Mohd Salleh and Tan Sam Eng.

Meanwhile, the Audit Committee, in consultation with Bursa, had on March 20, 2015, appointed Ferrier Hodgson MH Sdn Bhd as a special auditor to review matters highlighted by the Independent Committee (IC).

To recap, Tan had initially planned to remove Warren and two other directors — Datuk Ab Wahab Ibrahim (non-executive director) and Shahrizal Hisham Abdul Halim (independent non-executive director) — in the proposed EGM.

Warren, Wahab Ibrahim and Shahrizal Hisham were the members in an independent committee (IC) established by Tanjung’s board of directors on Jan 8 this year.

The formation of the IC, among other things, was to review some of the past deals in Tanjung and to engage professionals to perform independent valuation, if necessary.

The findings of the IC, which was released on Jan 28 this year, pointed at possible conflicts of interest and breaches of fiduciary duty by Tan and Sabri, while it said there were deficiencies in the approval process where Harzani was concerned. The paid advisory roles of the trio were suspended on the same day.

Tanjung shares have closed 6.8% or 3.5 sen lower at 48 sen today.