IPOH: Perak Menteri Besar Ahmad Faizal Azumu has instructed Perak State Development Corporation (PKNP) to reject resolutions of payment for subsidiary Perak Corp Berhad (PCB) directors’ fees and benefits amounting to almost half a million ringgit.
Ahmad Faizal, who is also PKNP chairman, said PCB incurred a net loss of RM340.6mil for the financial year ended Dec 31, 2017 and to date, the group’s current liabilities has exceeded its current assets by RM158.5mil.
“Given PCB group’s poor performance in the last financial year, the directors should not be rewarded with such huge benefit.
“Hence, PKNP as the largest shareholder has opposed these resolutions in the interest of the state of Perak and its people,” he said in a statement today.
Ahmad Faizal added that in its annual general meeting (AGM) yesterday, PCB group made the resolutions to propose the payment of directors’ fees of RM 441,650 and benefits of RM150,000 for the financial year ending December 2017.
“As the chairman, who holds majority shareholding in Perak Corp, I have instructed PKNP to reject these resolutions.
“At the AGM which was held yesterday, two PCB directors Datuk Dr S. Vasan and Datuk Dr Wan Norashikin Wan Noordi did not seek re-election, while another director, Ab Rahman Mohammed tendered his resignation,” he added.
PCB was established in 1991 with a paid-up capital of RM100 million and has been listed on the Main Board of Bursa Saham Malaysia since 2003. PKNP is the main shareholder of the company with a 52.9 per cent stake.
Its key activities are to support PKNP Group as the primary driver of economic development in Perak.
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