KUALA LUMPUR (July 10): Majuperak Holdings Bhd managing director and group chief executive officer (CEO) Rustam Apandi Jamaludin will step down from his post on Oct 1.

Majuperak, principally engaged in property development and provision of management contract services, was 55.12% controlled by Perak State Development Corp (PKNP) as at April 5.

In a filing with Bursa Malaysia yesterday, Majuperak said Rustam Apandi, 57, had tendered his resignation, citing he wants to pursue other interests.

He assumed his current role on April 1, 2017. He was also deputy CEO of business operations at PKNP.

Rustam Apandi had previously held positions as senior vice-president (VP) of business banking at Bank Muamalat Malaysia Bhd and a VP at Malaysian Rating Corp Bhd.

Majuperak shares were untraded yesterday. The stock closed at 28 sen last Thursday, with a market capitalisation of RM56.55 million.

This article first appeared in The Edge Financial Daily, on July 10, 2018.

For more stories, download pullout here for free.

  1. Majuperak to dispose of 134.2ha land to Perak Agro Corporation for RM9.53m as debt settlement
  2. Majuperak inks MOU to develop 857.75 acres of land in Perak into strategic assets
  3. Majuperak CEO on garden leave two months ahead of service contract expiry