This article first appeared in The Edge Financial Daily, on September 29, 2015.

KUALA LUMPUR: Asdion Bhd sees a slew of new board appointments following the resignation of three board members last Saturday before yesterday’s annual general meeting (AGM).

According to its filings with Bursa Malaysia, Asdion (fundamental: 1.35; valuation: 0) has appointed Datuk Seri Maglin Dennis DCruz, Jason Minos Peter and Syed Amir Syakib Arsalan Syed Ibrahim to its board.

DCruz, 59, was appointed the chairman, while Peter, 41, was appointed as an executive director and Syed Amir, 41, as an independent director.

DCruz is currently the senior vice-president of People’s Progressive Party and is a member of parliament for the Kota Alam Shah constituency in Selangor. He was also a former deputy minister.

The group also redesignated its non-independent director Mohamad Farid Mohd Yusof, 56, to the post of executive vice-chairman.

The appointments follow the resignation of Tengku Azlan Ibni Sultan Abu Bakar, 66, as Asdion’s  chairman, and Datuk Yen Soon Ai, 45, and Datuk Mohamed Ridzuan Nor Md, 35, as its executive directors.

The three were supposed to stand for re-election in Asdion’s AGM yesterday, but resigned last Saturday without stating a reason.

Their resignations followed a recent announcement on Asdion’s wider audited net loss for the financial year ended March 31, 2015, compared with the unaudited figures.