KUALA LUMPUR (Sept 20): Two people related to the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah have resigned from Citaglobal Bhd, effective immediately.
In a bourse filing on Tuesday (Sept 20), Citaglobal announced the resignation of Tengku Datuk Seri Uzir Tengku Ubaidillah and Tengku Datuk Indera Zubir Tengku Ubaidillah from the company’s boardroom. Tengku Uzir and Tengku Zubir are cousins of the Agong.
Citaglobal, which was formerly known as WZ Satu Bhd, said that both Tengku Uzir and Tengku Zubir resigned from their respective posts to pursue their other personal interests.
Prior to his resignation, Tengku Uzir was the vice chairman of Citaglobal and was appointed to the board on Oct 24, 2013. Meanwhile, Tengku Zubir was a non-independent and non-executive director of Citaglobal. He was appointed to the board on Sept 25, 2018.
Tengku Uzir and Tengku Zubir are brothers, and cousins to the Agong, who is also a substantial shareholder of Citaglobal.
As of Tuesday, Tengku Uzir holds a 2.76% stake or 29.99 million shares in the company, whereas Tengku Zubir holds 0.19% stake or 2.07 million shares in Citaglobal after disposing of 700,000 shares for RM164,500 on the same day.
Meanwhile, the Agong first emerged as a substantial shareholder in September 2019. As of Sept 20, he holds 12.44% or 132.12 million shares in Citaglobal, after acquiring 32.1 million shares last Thursday (Sept 15).
The resignation of Tengku Uzir and Tengku Zubir come just a day after Citaglobal reached a final resolution with Datuk William Tan Chee Keong and Choi Chee Ken by agreeing that neither party will appeal the High Court’s decision in the RM59.21 million lawsuit relating to a profit guarantee.
Citaglobal is currently led by its executive chairman and president Tan Sri Mohamd Norza Zakaria. The group’s current businesses include civil engineering, oil and gas, and manufacturing.
Shares of Citaglobal closed 14.63% or three sen higher at 23.5 sen on Tuesday, giving the group a market capitalisation of RM249.5 million.