Jayakumar leaves Cuscapi board, Sham appointed independent director
Jayakumar cited personal commitments for his departure, while new director Sham heads S&S Quest Resources and chairs VIVOS Malaysia.
Datuk Jayakumar Panneer Selvam has stepped down from Cuscapi Bhd’s board, effective immediately, while Datuk Sham Shamrat Sen Gupta was appointed an independent non-executive director on Oct 29.
A bourse filing said Jayakumar, 60, left his position as non-independent non-executive director because of personal commitments. His tenure as executive chairman began in June 2018, before his redesignation to a director role on Sept 8.
Jayakumar’s direct holding in Cuscapi amounts to 2.98 million shares, or 0.32%. He also holds an indirect interest of 17.88 million shares, representing 1.89%.
Sham has led S&S Quest Resources Sdn Bhd as chief executive officer since 2010. The G7 Bumiputera company’s main activities are civil construction and management consulting. He also chairs VIVOS Malaysia, a boutique financial advisory firm.
The board changes follow a private placement proposal made by Cuscapi last month. It proposed issuing as many as 94.49 million new shares, with proceeds of up to RM4.55 million intended for working capital.
Cuscapi shares ended Oct 29 at 4.5 sen, unchanged from the previous close. The closing price valued the group at RM38.27 million.
