Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.
KUALA LUMPUR: Hengyuan Refining Company Bhd
's (HRC) managing director Martinus Joseph Marinus Aloysius Stals is resigning from the company.
The refiner said on Friday his resignation, which takes effect on March 1, was due to the end of his secondment.
According to the annual report, he was appointed as managing director on Dec 22, 2016.
He joined Shell Refining Company (FOM) Bhd (SRC) at the end of 2014 as the chief operating Officer, timely for the 2015 major turnaround.
He was appointed by Shandong Hengyuan Petrochemical Company Limited (SHPC), as a secondee from Shell, to lead HRC in ensuring a smooth transition, achieving compliance with new fuel specifications and setting the path for future growth.
The major shareholder of HRC is Malaysia Hengyuan International Ltd (MHIL) as at Dec 2016 with an equity stake of 51.02%.
MHIL is a unit of Heng Yuan Holdings Ltd, which in turn is a wholly-owned subsidiary of Shandong Hengyuan Petrochemical Company Limited (SHPC).
The ultimate controlling shareholder of SHPC is Shandong Hengyuan Petrochemical Group Company Limited.
To recap, on Feb 28, 2017, HRC shareholders voted to approve the special resolution on the proposed change of name from SRC to HRC.
The change of name was after MHIL had acquired a 51% stake in SRC from Shell Overseas Holdings Ltd for US$66.3mil.
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