KUALA LUMPUR (July 30): Sapura Energy Bhd has appointed former Petroliam Nasional Bhd (Petronas) president and chief executive officer Tan Sri Shamsul Azhar Abbas (pix) as its non-independent and non-executive chairman. 

Shamsul succeeds Tan Sri Hamid Bugo, 74, who has resigned from the position after just a month and a half at the helm. Sapura Energy explained that this is due to the maximum six-year board tenure requirement imposed by the major shareholder.  

Hamid was appointed as Sapura Energy's independent and non-executive chairman effective June 16, after Abdul Jalil Abdul Rasheed stepped down from the position. This came after Abdul Jalil resigned as president and group chief executive of Permodalan Nasional Bhd.   

Prior to his appointment, Shamsul, 68, has been with Petronas for 40 years in various capacities and key positions including as president and CEO from 2010 to 2015.  

He also served as a president and CEO of MISC Bhd from July 2004 to Dec 2008, before becoming its chairman from February 2010 to August 2011.  

Currently, he sits on the board of various public-listed companies in Malaysia including MMC Corp Bhd as group chairman and also a chairman at the port operator NCB Holdings Bhd, as well as a director at Enra Group Bhd.  

Shamsul has a minority interest of 455,000 shares or 0.003% in Sapura Energy.  

Sapura Energy shares price closed unchanged at 9.5 sen today, giving it a market capitalisation of RM1.52 billion. Some 169.55 million shares were traded, making it the ninth most actively-traded counter on Bursa Malaysia.