MEGAT Zaharuddin Megat Mohd Nor has resigned as independent and non-executive director of Sapura Energy Bhd effective tomorrow.

The 73-year-old is stepping down to pursue other interests, according to a filing with Bursa Malaysia.

Sapura Energy, an oil and gas service provider, said Megat Zaharuddin will also cease to be chairman of its nomination and remuneration committee tomorrow.

It recently appointed Mohammad Azlan Abdullah as its new chairman effective May 7, to succeed Shamsul Azhar Abbas, who will retire on the same date upon reaching the age of 70.

Its largest shareholder Permodalan Nasional Bhd, which holds 12.16% equity interest in the company, said it looks forward to Azlan’s leadership in steering the company through its restructuring and turnaround process.

Sapura Energy reported a net loss of RM8.90 billion for the financial year ended January 31, 2022 (FY2022), compared with a net loss of RM160.87 million the year before.

In FY2022, it made provision for impairment on goodwill on consolidation of RM3.29 billion and provision for impairment on property, plant and equipment of RM2.32 billion. – Bernama, May 6, 2022.