In a statement today, the technology and security solutions provider said both executives no longer held any position or authority within NexG or its subsidiaries.
The group, formerly known as Datasonic Group Bhd, also cautioned stakeholders and partners to verify any communication or representation made on behalf of NexG or its subsidiaries.
The company, which supplies Malaysian passport booklets and identity cards, did not disclose the reasons for the leadership changes, but stated that day-to-day operations and strategic plans remained on track.
“NexG remains committed to the highest standards of corporate governance, transparency, and accountability,” it said.
The duo’s exit comes on the back of a spate of resignations of directors and senior management staff in the last couple of months.
In mid-October, four board members resigned in the same week – executive deputy chairman Khairul Adib Abd Rahman, executive director S Puvanesan, and independent directors Sopiyan Rashdi and Zainal Abidin Abu Hassan – all stating they “wanted to pursue other interests”.
In early September, the group announced the resignation of directors serving in two of its units – Ahmad Syahril Abdullah (Datasonic Corp Sdn Bhd) and Fakhrul Khir Abdul Samat (NexG CSA Sdn Bhd).
The departures came amid a series of government contract wins for NexG, which has secured four major public sector contracts in recent months, worth more than RM2.5 billion in total.
NexG was slapped with an unusual market activity (UMA) query from Bursa Malaysia Securities on Nov 4 after its shares plummeted.
In response to the query the next day, the company said it could not explain the steep decline that brought its share price to a six-month low.
‘Not under investigation by MACC’
On Oct 23, NexG refuted rumours it is under investigation by the Malaysian Anti-Corruption Commission.
“NexG is aware of recent speculation suggesting the company may be subject to investigation by MACC. We wish to clarify that NexG has not been contacted by MACC in relation to any investigation.
“Furthermore, none of our subsidiaries, directors or principal officers has been approached or requested to assist in any form of investigation by the authorities,” said executive chairman and group CEO Abu Hanifah Noordin in response to queries from The Edge.
NexG said the resignations of the four board members was because “the individuals played a pivotal role in helping secure a major project, and their departure marks the completion of that assignment”.
Hanifah is the company’s single largest shareholder with a 9.28% stake.
NexG’s shares rose 5% or 1.5 sen to 32 sen today, valuing the group at RM1.17 billion. Year to date the shares have risen 12.5%.