CHIEF Minister Chow Kon Yeow has assured stakeholders that PBA Holdings Bhd (PBAHB) remains adequately staffed at the board level, following the recent removal of Jagdeep Singh Deo as a non-executive director.
Jagdeep, who also serves as Penang’s Deputy Chief Minister II, had to vacate his position due to non-compliance with meeting attendance rules.
This decision aligns with Paragraph 15.05(3)(c) of the Bursa Malaysia Main Market Listing Requirements, which mandates that directors must attend at least 50% of board meetings annually.
According to reports, Jagdeep’s absences were linked to a recent ankle surgery. However, Chow emphasised that the regulations apply uniformly to all directors.
Speaking at a media conference in George Town, Chow clarified that there is no urgency to appoint a replacement for Jagdeep.
“The company is adequately staffed, and we are confident in the existing board members to carry out their duties effectively,” Chow said.
He also noted that meeting attendance is just one of several statutory requirements for board members.
“Directors are also required to attend relevant courses annually to remain compliant with corporate governance standards,” Chow added.
On a separate note, Chow unveiled Penang’s new affordable housing initiative, Rumah MutiaraKu, which officially took effect this year.
The programme aims to provide homes for various income groups, with projects tailored to both the island and mainland communities.
The initiative includes six price categories: Category A: RM42,000, Category B1: RM172,500, Category B2: RM210,000, Category C1: RM150,000, Category C2: RM200,000, Category C3: RM250,000 (mainland) and RM300,000 (island).
Chow reiterated the state government’s commitment to ensuring affordable housing for all Penangites.
“We want to ensure every family has access to suitable housing. I encourage eligible individuals to submit their applications promptly,” Chow added.
He also reminded developers of their obligations under the housing policy, whether through compliance or monetary contributions.
Story by Kevin Vimal
Pix by Siew Chia En
Video by Law Suun Ting