KUALA LUMPUR (May 11): Soon-to-be new Securities Commission Malaysia (SC) executive chairman Datuk Dr Awang Adek Hussin on Wednesday announced his resignation from PRG Holdings Bhd as its independent non-executive chairman.

PRG, which is in the business of investment holding and the provision of management services, said Awang Adek’s resignation was due to his recent appointment as the executive chairman of SC with effect from June 1, its bourse filing showed.

Awang Adek was appointed as independent non-executive chairman of PRG on August 18, 2017.

“The board of directors takes this opportunity to thank Awang Adek for his numerous contributions towards the group during his almost five-year tenure here.

“We wish him every success in his new endeavours,” said group executive vice chairman Datuk Lua Choon Hann in a separate statement.

On April 28, the Ministry of Finance (MoF) announced the appointment of former Malaysian ambassador to the United States and ex-Deputy Finance Minister Awang Adek as the new executive chairman of SC, effective June 1.

“Among his job experience is as assistant governor of Bank Negara Malaysia, former SC board member, former chairman of Tenaga Nasional Bhd, the first director general of the Financial Services Authority Persisir Labuan (LOFSA), former Malaysian ambassador to the United States and Deputy Minister of Finance from 2006 to 2013,” said SC in a statement.

The appointment came after the departure of Datuk Syed Zaid Albar, who tendered his resignation just six months after his term was extended for a three-year period.

Syed Zaid had helmed the capital market regulator for nearly three years and six months.

PRG’s earnings for the full year ending Dec 31, 2021 (FY21) saw its net loss improve to RM1.83 million from a net loss of RM12.79 million in FY20, despite its revenue slipping 2.56% to RM191.37 million from RM196.4 million.

PRG’s business activities include manufacturing, property development and construction, according to its corporate website.

PRG’s shares finished 3.45% or half a sen lower at 14 sen, bringing it a market capitalization of RM62.33 million.

Read also: MoF appoints former deputy finance minister Awang Adek as SC's new chairman effective June 1