StarBizWeek, last month, reported that Abu Hanifah is likely to step down from the company to make way for Razali, who had emerged as the new substantial shareholder.
Abu Hanifah, 68, had been selling his shares in the company in recent months via several direct deals and through the open market.
He remained a shareholder with 9 million shares in the company, according to filings with Bursa Malaysia yesterday. Three months ago, Abu Hanifah controlled around 390 million shares in the company that supplies passport chips to the government.
In his retirement note, Abu Hanifah said it was timely for others to lead Datasonic to greater heights.
“New frontiers require new ideas and efforts, and those with youth and vigour will be able to chart a more innovative path befitting the group’s growth amidst disruption and rapid change.
“Razali is committed to bridge and connect the ideas and energy of the younger generation with the knowledge and experience of the senior members of the group, towards securing greater achievements,” he added.
Razali first emerged as a major shareholder in the company in early December. On Dec 13, Razali was made the company’s deputy president.
He now controls around 154 million shares, or 11.4% stake in Datasonic.
Razali holds a BSc degree in Mining Engineering as well as a Master of Science in Engineering Management from the University of Missouri.
In a statement issued yesterday, Datasonic said Razali has more than 30 years experience of the mining and oil and gas industries.
He has garnered a wealth of knowledge and know-how spanning business development, comprehensive engineering project management as well as providing advisory and consultancy services to various organisations,” it added.
Meanwhile, in separate filings, Datasonic also announced the resignation of independent directors Datuk Aziz Jamaludin Mhd Tahir and Datuk Zaiful Ayu Ibrahim.
Datasonic shares closed 11 sen or 7.01% lower at RM1.46 yesterday.
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