Three SCIB directors resign before EGM called to remove them

KUALA LUMPUR (June 26): Three directors of civil engineering group Sarawak Consolidated Industries Bhd (SCIB) resigned on Monday (June 26), all citing “personal reason and other commitments” as the reason for their exit .

The departure of independent and non-executive directors Mohd Shakir Shahimi, Nuraiman Shaiful Annuar and Noor Azri Noor Azerai was announced by SCIB two days prior to the EGM on Wednesday (June 28), which is convened to vote on the removal of the three board members.

The meeting is also to seek shareholder approval to appoint four new members to its board, namely Kang Wei Luen, Dang Nguk Ling, Liaw Way Gian, Dr Pakharuddin Mohd Samin, according to SCIB's filing with Bursa Malaysia.

The EGM was called for by a group of shareholders collectively holding more than 10% stake in the group. Serba Dinamik Holdings Bhd’s group managing director Datuk Dr Mohd Abdul Karim Abdullah is SCIB’s single largest shareholder, holding 21.81%, according to Bloomberg.

SCIB’s share price rallied 278% over the past six months, from a low of 11.5 sen in April. The stock closed at 43.5 sen on Monday, valuing the group at RM275.27 million.

Shakir, 50, currently has a direct interest of 18,000 shares or a 0.003% stake in SCIB, which he acquired on Oct 5, 2022.

Meanwhile, Noor Azri, 24, disposed of all of his 200,000 shares in SCIB on the open market at 35 sen per share on June 13.

Nuraiman, 27, also disposed of his entire stake of one million shares in the open market at 17.5 sen apiece on May 17.

Shakir, a chartered accountant, joined the board for less than a year on Sept 15, 2022.

Nuraiman, who was a director at Hipro Technologies Ltd and Petro Flanges and Fitting Sdn Bhd, joined the board at the same time as Shakir.

Noor Azri joined the board slightly over a year ago on March 17, 2022. He was the independent director of Serba Dinamik between November 2021 and October 2022.