Ahmad Hamzah resigns as Kumpulan Powernet chairman

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KUALA LUMPUR (Jan 7): Kumpulan Powernet Bhd chairman Datuk Seri Ahmad Hamzah has stepped down after holding the post for more than two years.

In an exchange filing today, the Pahang-based wrap-knitted fabric manufacturer said the 70-year-old resigned on Dec 26 to “pursue other business and personal commitments”.

Ahmad Hamzah was appointed to the board of Kumpulan Powernet in October 2015 as an independent non-executive director, before being re-designated as the group’s independent non-executive chairman in June 2016.

The Umno leader is currently the Member of Parliament for Jasin in Melaka.

Last December, Kumpulan Powernet’s managing director Datuk Liang Teck Meng vacated his position after five months.

Liang is the secretary-general of Gerakan, previously a  component of Barisan Nasional. He failed to defend the Simpang Renggam Parliamentray seat in Johor in the 14th general election last May.

Shares in Kumpulan Powernet settled unchanged today at 38 sen, for a market capitalisation of RM28.94 million.