KUALA LUMPUR (March 30): ESSO MALAYSIA BHD []’s chairman and executive director Hugh Walter Alexander Thompson resigned from his posts after ExxonMobil International Holdings Inc disposed of its entire stake in Esso Malaysia.
Filings with Bursa Malaysia showed that Thompson’s resignation takes effect from Saturday, March 31 as he was nominated to the board by ExxonMobil.
The changes followed the ExxonMobil's disposal of its 65% stake in Esso Malaysia to San Miguel Corporation’s unit Petron Oil & Gas International Sdn Bhd on Friday. Other board changes were the resignations of Fatimah Merican, Faridah Ali and Abu Bakar Siddik Che Embi as executive directors of Esso Malaysia.
Appointed as executive director to Esso Malaysia was Ramon S. Ang, who is the chairman and chief executive officer of Petron Corporation. Also appointed executive directors were Eric O. Recto, Aurora T. Calderon and Lubin B. Nepomuceno from the San Miguel group.
Stock market data showed that the block of shares, comprising of 175.5 million shares, was crossed at an average price of RM3.41. San Miguel is obliged to extend a mandatory take-over offer for the remaining 35% or 94.50 million shares.
In a separate statement, Esso Malaysia said the existing agreements between Esso Malaysia and stated affiliates of Exxon Mobil Corporation would terminate with effect from midnight of March 30.
“Esso Malaysia Bhd has necessary arrangements in place to effectively replace services/products that it obtained vide said agreements to ensure seamless continuity of operations post termination of said agreements with Exxon Mobil Corporation's affiliates,” it said.
Filings with Bursa Malaysia showed that Thompson’s resignation takes effect from Saturday, March 31 as he was nominated to the board by ExxonMobil.
The changes followed the ExxonMobil's disposal of its 65% stake in Esso Malaysia to San Miguel Corporation’s unit Petron Oil & Gas International Sdn Bhd on Friday. Other board changes were the resignations of Fatimah Merican, Faridah Ali and Abu Bakar Siddik Che Embi as executive directors of Esso Malaysia.
Appointed as executive director to Esso Malaysia was Ramon S. Ang, who is the chairman and chief executive officer of Petron Corporation. Also appointed executive directors were Eric O. Recto, Aurora T. Calderon and Lubin B. Nepomuceno from the San Miguel group.
Stock market data showed that the block of shares, comprising of 175.5 million shares, was crossed at an average price of RM3.41. San Miguel is obliged to extend a mandatory take-over offer for the remaining 35% or 94.50 million shares.
In a separate statement, Esso Malaysia said the existing agreements between Esso Malaysia and stated affiliates of Exxon Mobil Corporation would terminate with effect from midnight of March 30.
“Esso Malaysia Bhd has necessary arrangements in place to effectively replace services/products that it obtained vide said agreements to ensure seamless continuity of operations post termination of said agreements with Exxon Mobil Corporation's affiliates,” it said.
