KUALA LUMPUR (Sept 24): Former Prime Minister Datuk Seri Najib Tun Razak’s brother Datuk Mohamed Nizam Abdul Razak has resigned as Petra Energy Bhd’s non-independent and non-executive director, after holding the position for only seven months since February this year.

Petra Energy cited “to pursue other business ventures” as the reason Mohamed Nizam, 59, is departing, according to its filing with Bursa Malaysia this evening.

At the same time, Mohamed Nizam also resigned as a member of the nomination committee, audit committee as well as remuneration committee.

According to Petra Energy’s latest Annual Report, Mohamed Nizam  graduated with a Bachelor of Arts degree in Politics, Philosophy and Economics from the Oxford University. He holds 9.11% equity in the company.

It said Mohamed Nizam presently sits on the board of Yeo Hiap Seng Ltd (Singapore) and Mamee - Double Decker (M) Sdn Bhd. He also sits on the board of Petra Resources Sdn Bhd.

He also serves on the board of several private limited companies engaged in a wide range of activities.

Mohamed Nizam is actively involved in several charitable foundations such as Noah Foundation, Yayasan Cemerlang, National Children Welfare Foundation, Yayasan Rahah and Yayasan Wah Seong, it added.

In a separate filing today, Petra Energy said Tan Sri Bustari Yusuf, who is said to be close with Najib, had acquired a total of 64,000 shares, through Shorefield Resources Sdn Bhd on the open market.

The acquisitions were done between Sept 20 and 21, Petra Energy said.

Following the acquisitions, Bustari Yusuf now holds a total of 90.45 million shares, representing about 28.18% equity interest in Petra Energy.

Petra Energy shares rose one sen today to close at 53 sen, for a market capitalisation of RM168.5 million. In the past one year, the stock has fallen some 50%.