NexG Bhd, the company holding government contracts for Malaysian passports and identity cards, announced that six of its directors have resigned with immediate effect, amid an ongoing boardroom dispute.
In a filing with Bursa Malaysia on Wednesday, NexG said the six directors — Syed Farid Syed Ahmad Al-Attas, Kunal Tayal, Aswath Ramakrishnan, Mohd Zafil Ibrahim, Mohamed Fairuz Mohamed Fauzy, and Badrul Hisham Abdul Aziz — stepped down to pursue other interests.
The resignations come shortly after executive chairman and chief executive officer Datuk Abu Hanifah Noordin had sought their removal through an extraordinary general meeting (EGM). The proposal was made together with Velocity Capital Sdn Bhd and Siti Nur Aishah Ishak, who collectively hold at least 10% of the company’s shares.
Another director who was also proposed for removal, executive director Datuk Chong Loong Men, had earlier resigned on March 8.
Following the mass resignations, NexG also announced that the board had decided to reinstate Hanifah’s executive powers and responsibilities with immediate effect, just a week after he was suspended.
According to the company, the decision was made after further deliberation by the board and taking into account progress in an ongoing internal review. NexG said it remains committed to maintaining strong corporate governance, accountability, and transparency while ensuring the review process continues in accordance with established procedures.
Hanifah had been suspended on March 5 as part of the board’s review into the company’s investments in other listed companies. The suspension was intended to allow a review committee and its advisers to carry out their work independently.
The dispute follows the emergence of Raya Aviation Holdings, linked to businessman Datuk Ishak Ismail, as NexG’s largest shareholder. Raya Aviation acquired a 20.4% stake in the company through the takeover of two private firms — Skyelimit Alliance Sdn Bhd and Trendtrove Tradin Sdn Bhd.
NexG had earlier appointed an external professional to verify the shareholding changes related to Raya Aviation’s acquisition.
Hanifah had previously opposed the board’s plan to subcontract certain government contracts to third parties, claiming this disagreement led to his suspension. He also alleged that several former directors, independent directors, and senior management members had left the company under questionable circumstances.
NexG currently holds government contracts worth RM2.46 billion for the supply of Malaysian passport booklets and national identity cards.
Shares in NexG rose 0.5 sen, or 1.8%, to 28.5 sen ahead of the announcement, giving the company a market capitalisation of RM1.06 billion.
