business

Nizam Razak no longer a Petra Energy director

KUALA LUMPUR: Petra Energy Bhd announced one of its directors Datuk Mohamed Nizam Razak, the brother of former prime minister Datuk Seri Najib Razak, has resigned.

In its filing with Bursa Malaysia today, Petra Energy 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 and brother to former Works Minister Datuk Seri Fadillah Yusof -- had raised his stake in the Petra Energy by 64,000 shares via purchases in the open market last week.

As of todate Bustari's stake in Petra Energy totals 90.447 million shares, or 28.18 per cent.

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