KUALA LUMPUR (Oct 26): Cypark Resources Bhd's Datuk Daud Ahmad has retired and will not continue as a member of the board of directors, according to a filing with Bursa Malaysia on Thursday.

However, when contacted, the company's spokesperson said Daud still remains as the group chief executive officer.

Daud did not respond at press time when contacted.

The shareholders of Cypark voted not to re-elect Daud to continue as a member of the board of directors at the company’s 18th annual general meeting (AGM) on Thursday.

In the disclosure, Cypark noted that Resolutions 1 to 14 were passed by the shareholders except for Resolution 7, which was not put to vote, and Resolution 11, which was not passed at the AGM.

Resolution 11 referred to the re-election of Daud, who was due to retire, into the company's board of directors. The filing showed that 76.15% of the shareholders voted against it, while 23.85% voted for the resolution.

It is worth noting that Daud, who is also a co-founder of the renewable energy and solid waste management company, recently re-emerged as a substantial shareholder only days after his status ceased.

According to a bourse filing, Daud acquired 12 million shares or a 1.5% stake in Cypark on Sept 22 via the company’s employees’ share option scheme, which raised his stake to 6.31%.

The company said Daud forked out RM4.56 million to exercise the share options.

For the first quarter ended July 31, 2023 (1QFY2024), Cypark made a net profit of RM305,000 against revenue of RM36.52 million. The group said that revenue came mostly from its renewable energy (RE) and waste management and waste-to-energy (WTE) divisions, where income was recurring in nature.

The RE division delivered the bulk of revenue for the group, amounting to RM21.7 million for 1QFY2024, while the waste management and WTE division contributed RM10 million in revenue for the quarter. The remaining revenue came from the construction and engineering division, as well as the green tech and environmental services segment.

At the time of writing on Thursday, Cypark shares had added 2.5 sen or 2.75% to 93.5 sen, giving the group a market capitalisation of RM743.26 million.

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