KUALA LUMPUR (July 13): Cypark Resources Bhd said its former chairman Tan Sri Razali Ismail will resign from his current post as executive director with effect from Sept 30.

In a bourse filing, the group said Razali, 84, had expressed his wish to step down from the post, simultaneously resigning as a member of the Remuneration Committee.

Previously on June 6, Razali was redesignated to executive director from his role as chairman, with Datuk Hamidah Moris taking over.

Razali also ceased to be the group’s substantial shareholder in May, with a last reported shareholding of 1.68%.

In a separate filing, Cypark announced the resignation of Headir Mahfidz as a non-independent director, effective July 12, to uphold good corporate governance principles and align with the spirit of Practice 5.3 of the Malaysian Code on Corporate Governance pertaining to the nine-year term limit for independent directors.

Cypark fell into the red for the first time since its listing in October 2010, with a net loss of RM298.48 million for the February-to-April period, no thanks to a hefty RM376 million worth of impairments and provisioning, which included a one-off provision for potential liability due to delays in existing projects, and impairments that include outstanding receivables and intangible assets for its waste-to-energy project in Ladang Tanah Merah, Negeri Sembilan.

This occurred after the group delayed the commercial operation dates of the project and another floating solar plant in Tasik Danau Tok Uban in Kelantan, while scepticism mounted over the viability of its renewable energy assets.

Shares of Cypark closed unchanged at 84 sen, valuing the group at RM657 million.