PRG board rift widens as Sheah moves to remove newly appointed independent director

KUALA LUMPUR (July 14): A widening rift appears to be growing between PRG Holdings Bhd’s (KL:PRG) board and second-largest shareholder Datuk Sheah Kok Fah and his allies.

On the same day PRG announced Andrew Chan Lim-Fai’s resignation as managing director and the appointment of Steven Kang as his replacement, Sheah and three other shareholders moved to remove newly appointed independent director Shahjanaz Kamaruddin.

The group had earlier on July 8, 2026 called for an EGM to remove Chan and overhaul PRG’s board, proposing Sheah, Datuk Richard George Azlan Abas and Datuk Dr Teo Tong Kooi as new directors, while seeking to remove any director appointed before the EGM, except their nominees.

The shareholders questioned the timing of Shahjanaz’s appointment announcement and are seeking her removal at the EGM.

Shahjanaz is currently a director of Hextar Industries Bhd (KL:HEXIND).

According to PRG’s bourse filing on Monday, the shareholders said PRG had announced Shahjanaz's appointment as an independent non-executive director on July 8, although her appointment took effect on July 6. They claimed the disclosure was made two days after the effective appointment date and said they were unaware of the reason for the delay.

"Any changes in the boardroom are subject to immediate disclosure under the Main Market Listing Requirements, and we are not cognisant of the true reason behind this late disclosure," the requisitionists said in the special notice.

The shareholders have proposed an ordinary resolution to be tabled at the EGM to remove Shahjanaz as a director with immediate effect.

They said the proposed removal was intended to promote accountability and transparency, restore shareholder confidence, strengthen corporate governance standards and protect the interests of minority shareholders.

PRG has been in the spotlight since late May following revelations of an undisclosed related-party transaction involving a proposed debt settlement between its construction arm Premier Construction (International) Sdn Bhd (PCI) and Premier De Muara Sdn Bhd (PDM), a property developer linked to its largest shareholder Datuk Ng Yan Cheng, who holds a 16.39% stake in the company.

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