NexG Bhd announced that executive director Datuk Chong Loong Men has stepped down from his position, effective March 8, citing “personal reasons,” according to a Bursa Malaysia filing on Monday. His departure comes amid ongoing tensions within the company’s board.
The boardroom conflict began after Raya Aviation Holdings, an air cargo company controlled by the sons of Datuk Ishak Ismail, became NexG’s largest shareholder on March 4, holding a 20.4% stake through its takeover of two private firms, Skyelimit Alliance Sdn Bhd and Trendtrove Tradin Sdn Bhd. Skyelimit Alliance was linked to NexG’s former executive deputy chairman Tan Sri Mohd Khairul Adib Abd Rahman, while Trendtrove was tied to executive director Datuk Ab Hamid Mohamad Hanipah.
The day after Raya Aviation’s stake emerged, NexG executive chairman and co-founder Datuk Abu Hanifah Noordin, together with Velocity Capital Sdn Bhd (the financing arm of Velocity Capital Partner Bhd) and Ishak’s daughter Siti Nur Aishah Ishak, issued a notice calling for an extraordinary general meeting (EGM) on April 3. The EGM proposes to remove seven directors, including Chong, and appoint eight new directors, including Ishak and Raya Airways group managing director Mohamad Najib Ishak.
The board members targeted for removal include Chong, Aswath Ramakrishnan, Kunal Tayal, Syed Farid Syed Ahmad Al-Attas, Mohamed Fairuz Mohamed Fauzy, Badrul Hisham Abdul Aziz, and Mohd Zafil Ibrahim. Chong, Aswath, and Kunal joined the board in mid-November 2025, while Syed Farid, Fairuz, Badrul Hisham, and Mohd Zafil joined in mid-October. Datuk Ab Hamid Mohamad Hanipah and Erna Ismail were not included in the removal notice.
In response, NexG’s existing board has suspended Hanifah’s executive powers and announced an internal review of the company’s investments in other public-listed companies (PLCs). The board emphasized that this step is purely administrative, aimed at safeguarding the review process and does not imply any wrongdoing.
Additionally, the board has raised concerns over the validity of the EGM notice filed by Hanifah, Velocity Capital, and Siti Nur Aishah, and is seeking independent legal advice. An external professional has also been appointed to verify the shareholding changes following Raya Aviation’s acquisition.
Following the news, NexG shares closed 1.5 sen lower at 27.5 sen on Monday, valuing the company at RM1.02 billion, a 5.17% decline from the previous session.
