KUALA LUMPUR (May 14): WZ Satu Bhd non-independent non-executive deputy chairman Datuk Seri Mohamad Norza Zakaria has been re-designated as executive chairman of the company effective immediately.

Mohamad Norza, 53, replaces Tengku Datuk Seri Uzir Tengku Ubaidillah, 60, who has been made executive vice-chairman.

The changes follow CitaGlobal Energy Resources Sdn Bhd becoming one of the substantial shareholders of WZ Satu on Dec 4, 2019, with a shareholding of 10.95%. As of today, CitaGlobal has increased its stake in WZ Satu to 11.64% after acquiring  an additional 3.57 million shares from the open market.

In a statement today, the civil engineering and construction group said Mohamad Norza was appointed as deputy chairman of the company on Dec 13, 2019.

"Following this change in shareholding, Tengku Uzir has relinquished the chairmanship and handed over the leadership of the company to Mohamad Norza, who is one of the two directors representing CitaGlobal," it said, adding that the re-designation would enable Mohamad Norza to set the direction for the company.

According to WZ Satu's Annual Report 2019, Mohamad Norza's notable contribution in the government sector was as the political secretary to the Minister of Finance II from 2004 until 2008. He was appointed as the chairman of the Institut Sukan Negara from October 2013 till today. He is currently the president and CEO of Citaglobal Sdn Bhd, a post he has held since April 2008.

WZ Satu shares closed up 6 sen or 37.5% at 22 sen today, bringing it a market capitalisation of RM112.57 million.