KUALA LUMPUR: SAPURA ENERGY BHD has appointed Permodalan Nasional Bhd (PNB) president and CEO Abdul Jalil Abdul Rasheed as its chairman with effect from Feb 1,2020.
The energy services company said on Friday he succeeds Datuk Hamzah Bakar, who has had a long relationship with Sapura, going back to July 4,2003 when he was appointed board member of SapuraCrest Petroleum. On Dec 9,2011, he joined Sapura Energy as chairman.
“Abdul Jalil was appointed as president and chief executive of PNB on Oct 1,2019 and was subsequently appointed as non-independent non-executive director of Sapura Energy on Jan 1,2020, ” it said.
Sapura Energy is one of PNB’s key strategic companies, in which PNB and its associated funds collectively own a 40% stake.
It said that during its special board of directors’ meeting of Sapura Energy on Jan 29, the board approved Sapura Energy’s business plan.
“Abdul Jalil had a discussion with the outgoing chairman to ensure a smooth transition of Board leadership and drive the execution of the business plan, ” it said.
At the meeting, the board had also approved the appointment of Syed Ali Syed Salem Alsagoff, a nominee director of PNB, as non-independent non-executive firector of Sapura Energy effective Feb 1.
Prior to joining PNB, Abdul Jalil had been the CEO of the South Asian operations of a US-based fund management company, Invesco in Singapore.
Abdul Jalil holds a degree in accounting and finance from the London School of Economics & Political Science.
He started his career as a graduate ctrainee at Aberdeen Standard Investments in London, rising through the ranks to become investment manager and head of equities, before eventually becoming the CEO of Aberdeen Islamic Asset Management in Kuala Lumpur prior to joining Invesco in 2013.
As for Syed Ali, he was a senior global and key account manager at Baker Hughes Malaysia.
Earlier in his career, he had worked in various capacities in fields that include auditing, asset management and logistics.
Sapura Energy president and group CEO Tan Sri Shahril Shamsuddin congratulated and welcomed Abdul Jalil as chairman of Sapura Energy and Syed Ali as a board member.
“We look forward to Abdul Jalil bringing fresh ideas, deep capital markets knowledge and a varied set of competencies in helming the board and enhancing its deliberations. His background and wealth of experience will be instrumental in steering Sapura Energy into a bright future. We have full confidence in him and his ability to take the company into its next exciting chapter of growth.”
“Furthermore, Syed Ali’s experience in oil & gas industry is a great addition to the current skills set of the board of Sapura Energy and we look forward to working with him. We would also like to put on record our appreciation to PNB for its long-term commitment and trust in Sapura Energy.”
“We would like to express our gratitude to Hamzah, whose vast experience, wise counsel and passion for excellence had guided us through challenging times and various corporate exercises. As a judicious steward of Sapura Energy, he has been integral to our accomplishments.
“Hamzah set the tone and vision for the company when we were a small oil & gas contractor. His invaluable oversight and advice helped us establish ourselves and become a global player that we are today. His legacy will continue to be part of the company’s future successes, ” Shahril said.
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