Petra Energy’s director Nizam Razak resigns

KUALA LUMPUR: Petra Energy Bhd announced on Monday that a director Datuk Mohamed Nizam Abdul Razak, the brother of former prime minister Datuk Seri Najib Tun Razak, has resigned.

The company, in a filing with Bursa Malaysia today, said Nizam is leaving to pursue other business ventures. He owns 29.25 million shares in Petra Energy.

Petra Energy is an integrated brown field services provider for the upstream oil and gas industry.

In a separate filing, Tan Sri Bustari Yusuf, a close associate of Najib, raised his stake in the Petra Energy by 64,000 shares via purchases in the open market last week.

This increased his stake in the company to 90.447 million shares, or 28.18%.