APFT CEO will step down end-July

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KUALA LUMPUR (July 21): APFT Bhd, a Practice Note 17 company, says today its group chief executive officer Siva Kumar Kalugasalam is stepping down effective July 30.

In a bourse filing today, the loss-making flight education and training service provider said Siva Kumar, 50, has tendered his resignation to pursue his other personal interest.

According to APFT's Annual Report 2019, Siva Kumar was appointed to his current post in the middle of April last year. He started his career with the group in 2016 where he was appointed as the finance manager. In 2017, he was appointed as the senior finance manager and then became the head of finance and administration in February 2018. In August that year, he was appointed as the chief operating officer.

APFT has been a PN17 company since January 2018 after the shareholders’ equity fell below the 50% threshold. Trading in its shares has been suspended since March 12.