Thursday, February 4, 2010

Petra Perdana reports RM25.5mil owing to unit

PETALING JAYA: Petra Perdana Bhd told the exchange yesterday that consultant Ferrier Hodgson MH has confirmed that its subsidiary Intra Oil Services Bhd is owed RM25.5mil by Asia Marine Pte.

It also said that the company had taken legal action against Shamsul Saad and Asia Marine via a suit filed on Feb 2.

The suit, amongst others, contend that Shamsul has breached his fiduciary duties and obligations owed to IOS as payments have been made prior to the broker’s commission agreement dated March 9, 2009 was signed. Shamsul, together with a group of Petra Perdana shareholders, had requisitioned for the EGM today to initiate boardroom changes.

On the table is a resolution to remove four directors including the oil and gas company’s founder, executive chairman and chief executive officer Tengku Datuk Ibrahim Petra Tengku Indra Petra.

It was reported that the company’s plan to dispose of its stake in former subsidiary offshore marine services provider Petra Energy Bhd and sell three of its vessels, was the main cause for the split in the boardroom.

The board consists of Tengku Ibrahim, executive director Datin Nariza Hajjar Hashim, Ahmad Mohd Sharkan, Wong Fook Heng, Tiong Young Kong and executive director Shamsul Saad.

Tengku Ibrahim is a clear proponent of the deal, Shamsul, together with 10 shareholders who are also part of the company’s senior management, opposes the divestment plan.

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