Mohd Sidek resigns as KLCC Stapled Group chairman

This article first appeared in The Edge Financial Daily, on July 17, 2018.
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KUALA LUMPUR: Former Petroliam Nasional Bhd (Petronas) chairman Tan Sri Mohd Sidek Hassan has tendered his resignation as chairman and director of KLCC Property Holdings Bhd (KLCCP) and KLCC Real Estate Investment Trust (REIT).

In a filing with Bursa Malaysia yesterday, KLCCP said Mohd Sidek, 67, is stepping down from his position with immediate effect.

In a separate filing, KLCC REIT said following Mohd Sidek’s resignation from KLCCP, he is also resigning as chairman and director of KLCC REIT Management Sdn Bhd.

This is in line with the requirement for common directors with respect to KLCCP and KLCC REIT Management to ensure alignment with the interests and directions of KLCCP and KLCC REIT within KLCC Stapled Group.

On June 6, The Edge Financial Daily first reported that Mohd Sidek was stepping down as chairman of Petronas when his tenure ended on June 30. He had been the chairman of Petronas since July 1, 2012, and served in the Administrative and Diplomatic Service of the Malaysian civil service for over 38 years previously, with the last six as chief secretary to the government.

KLCC Stapled Group units closed down three sen or 0.39% at RM7.62 yesterday, giving it a market value of RM13.76 billion.