Hasmi resigns from Perdana Petroleum’s board

KUCHING: Dayang Enterprise Holdings Bhd’s executive chairman Datuk Hasmi Hasnan has resigned as a director of Perdana Petroleum Bhd from July 1.

Dayang is the largest shareholder of Perdana Petroleum, with an equity interest of 63.593 per cent as at April 5, 2024.

Perdana Petroleum is a leading provider of offshore marine support services in the oil and gas (O&G) industry. The group owns and operates a fleet comprising of five accommodation workbarges, eight anchor handling tug supply (AHTS) vessels and two workboats.

According to Perdana Petroleum, Hasmi’s decision to step down from its board of directors is driven by his need to focus on his role as Dayang’s executive chairman.

“He will be concentrating on the Dayang’s core strategic initiatives during this period of increased activities in the oil and gas industry,” added the company in a press release.

Perdana Petroleum said during Hasmi’s tenure as its director, he had played a significant role in guiding the company through various strategic initiatives, contributing to its growth and success, adding that his leadership had been an invaluable asset to the company.

Managing director Jamalludin Obeng said Perdana Petroleum is grateful for Hasmi’s dedication and service to the company as “his insights and leadership have been instrumental in our achievements, and we fully support his decision to focus on his responsibilities at Dayang.”

Jamalludin hopes that Hasmi’s invaluable guidance will bring both Dayang and Perdana Petroleum to greater heights going forward.

On June 10, 2024, Dayang announced the resignation of Jamalludin as its non-independent non-executive director.

Jamalludin has led Perdana Petroleum since October 1, 2021, and successfully managed to turn around the company after suffering seven years of losses.

In 2022, Perdana Petroleum posted net profit of RM11.4 million on revenue of RM196.6 million. In 2023, the profit increased four folds to RM44.5 million.

“He (Jamalludin) will now focus on the company amidst the anticipated increase in activities in the oil and gas industry in the coming years,” said the press release.

Dayang’s single largest shareholder is property developer Naim Holdings Bhd, with a stake of 24.22 per cent as at March 29, 2024.

Hasmi is also managing director of Naim.

On Sunday, Hasmi said Naim is implementing strategic initiatives to bolster its financial stability and ensure long-term sustainability.

He said one of the pivotal strategies is through its investments in Dayang and Perdana Petroleum as Naim recognises the significant potential in the expanding O&G sector in Sarawak with robust support from the Sarawak government’s initiatives aimed at propelling the local O&G players to global prominence. 

On Naim itself, Hasmi said the property developer is driving its expansion in Bintulu, with investments in Naim Street Mall, workers’ village and the upcoming New Bintulu Avenue housing development. With its existing landbank, Naim has the potential to develop some 10,000 units of affordable housing, particularly in Miri, he said in a press statement. 

By leveraging the synergy between property development and the O&G sector, he said Naim aims to contribute to the state’s economic development and ensuring robust returns to its stakeholders.

Meanwhile, the share prices of Perdana Petroleum, Dayang and Naim have all staged a strong rally in the past 12 months.  

Perdana Petroleum rose to a recent high of 43 sen versus 52-week low of 15.5 sen and closed at 40.5 sen on July 1, 2024 whereas Dayang’s share price surged to a recent high of RM3.09 from 52-week low of RM1.29 and finished at RM2.78 on Monday.

Similarly, Naim share price reached RM1.57 on Monday, the highest level since 2016, against 52-week low of RM0.62.