Puncak Niaga Holdings Bhd announced that its executive chairman, Tan Sri Rozali Ismail, will step down effective June 30, following the completion of a three-month notice period that began on April 1.
Rozali, 68, will continue in his current role during the transition period and will also resign as a director of the group’s subsidiary companies.
The board said the decision took into account his health condition, personal commitments, and the need to ensure leadership continuity and strong corporate governance.
A founder of the group, Rozali established Puncak Niaga Sdn Bhd in 1989, which later managed water treatment operations in Selangor and Kuala Lumpur. The company was listed in 1997. In 2014, as part of Selangor’s water industry restructuring, Puncak Niaga sold its water assets — including Puncak Niaga Sdn Bhd and a 70% stake in Syarikat Bekalan Air Selangor (Syabas) — to the state government for RM1.55 billion.
Since then, the group has shifted its focus to water and sewerage infrastructure construction, oil palm plantations in Bintulu, and facilities management, including a concession at UiTM Puncak Alam following its acquisition of TRIplc Bhd.
The company has largely been loss-making in recent years.
The board expressed its appreciation for Rozali’s leadership and contributions, noting that his vision played a key role in shaping the company’s growth. It added that operations will continue as usual during the transition, with a focus on maintaining governance standards and long-term sustainability.
Puncak Niaga shares last traded at 16.5 sen on April 8, giving the group a market capitalisation of RM74.1 million.
