Mirzan bin Mahathir, who was appointed as interim CEO of SBI Offshore from July 3 to August 31 to facilitate the progression of SBI Offshore’s proposed acquisition of the Berlitz group of companies, is no longer in the position.
The cessation is due to the expiry of Mirzan’s employment contract and follows the lapse of the share sale agreement with Berlitz.
Mirzan, who is also the eldest son of Malaysia's Prime Minister Mahathir Mohamad, became a substantial shareholder back in Sept 2014 after buying 10.8% of the company via a private placement at 26.05 cents per share.
He was voted out by shareholders at SBI Offshore’s annual general meeting (AGM) on June 29 as the executive non-independent chairman. He was appointed interim CEO shortly after, on July 3, which drew queries from the Singapore Exchange Regulation (SGX RegCo).
See: SBI Offshore's chairman Mirzan voted out at AGM, SGX RegCo to probe Mirzan Mahathir-linked SBI Offshore for potential breach of listing rules
