Change of Board Directors of Hengyuan Refining Company

BackMay 30, 2017

Change of Board Directors of Hengyuan Refining Company

PORT DICKSON, 31 May 2017 - Hengyuan Refining Company Berhad ("HRC"), formerly known as Shell Refining Company (Federation of Malaya) Berhad, announced today the appointment of two new Independent Non-Executive Directors, namely Pn. Fauziah Hisham and Mr. Liang Kok Siang, following the resignation of three Independent Non-Executive Directors - Datuk Yvonne Chia, Datuk Zainun Aishah binti Ahmad and Mr. Heng Heyok Chiang @ Heng Hock Cheng.

"On behalf of the Board of Directors, Management and employees of HRC, I would like to convey our sincerest thanks and appreciation to the out-going directors", said Mr. Wang YouDe, Chairman and Non-Independent Non-Executive Director of HRC.

"Datuk Yvonne, Datuk Zainun and Mr. Heng have all carried out their leadership and fiduciary duties in an exemplary manner. Their contribution was clearly evident in the way our company has undergone the transition process, which was both smooth and efficient."

"As HRC remains committed towards embracing excellence in Corporate Governance, we have been meticulous in selecting the right candidates to fulfill the role of Independent Non-Executive Directors. We are confident that the new composition of our Board is ideal in terms of expertise, experience, relevance and diversity - key elements that can take our company to greater heights of success," he added.

Pn. Fauziah Hisham (61) is an Associate member of the Institute of Chartered Secretaries & Administrators, United Kingdom. She has over 30 years of experience in the banking industry, having worked in three foreign-owned financial institutions. She started her banking career with The Chase Manhattan Bank in Malaysia (now known as JPMorgan Chase Bank) and her last position was as Chief Executive Officer of J.P. Morgan Chase Bank Berhad from 2002 to 2006.

Thereafter, Pn. Fauziah held leadership roles in Standard Chartered Bank Malaysia Berhad and Australia & New Zealand Banking Group Ltd as Managing Director, Strategic Client Coverage Group and Country Group Representative & Executive Director, Institutional Banking respectively. She is currently an Independent Non¬Executive Director and Chairman of the Board of J.P. Morgan Chase Bank Berhad and an Independent Director of AKPK, a subsidiary of Bank Negara Malaysia.

Mr. Liang Kok Siang (61) has a Bachelor of Science (Honours) Degree in Chemistry from the University of Malaya. He built an illustrious career with Shell Malaysia from 1981 to 2016. His last position was the Managing Director of Shell MDS (Malaysia) Sdn Bhd, the gas-to-liquids (GTL) business. Shell MDS has a manufacturing plant in Bintulu, Sarawak and its products are marketed globally in more than 50 countries. In the same company, Mr Liang was a board member and held the General Manager, Marketing and Commercial role (responsible for global marketing, sales, logistics, customer service and new business development) from 2001 to 2016. He contributed significantly to the turnaround of the company in his earlier years there through a strategy of marketing GTL products into high premium market segments.

Mr. Liang is also the founder of BonusLink, Malaysia's pioneer coalition customer loyalty programme launched in 1998. He was its first General Manager from 1997 to 2001. During the course of his career, he attended various leadership and business programmes at Shell, IMD and INSEAD. He is a member of Institut Kimia Malaysia.

In another filing with Bursa Malaysia Securities Berhad ("Bursa") today, the Company informed that Mr. Sun, Jianyun, a Non-Independent Non-Executive Director of HRC, will be relinquishing his role with effect from 1 June 2017. Mr. Sun, JianYun is currently the Chief Investment Officer - Asia for Mercuria Energy Group Limited. Pursuant to Bursa's Main Market Listing Requirements, future transactions between HRC and companies from the Mercuria Group will no longer be deemed as recurrent related party transactions after 1 December 2017.

With the resignations and appointments HRC's Board now consists of seven rather than nine directors, the majority of which will consist of Independent Non-Executive Directors. HRC is confident that this scale and composition of the Board is ideal for a company of its size.

Table - HRC's Board of Directors as of 1 June 2017

No. Name Designation
1. Wang, YouDe Chairman, Non-Independent Non-Executive Director
2. Wang, ZongQuan Non-Independent Non-Executive Director
3. Maarten Stals Managing Director and Non-Independent Executive Director
4. Alan Hamzah Sendut Independent Non-Executive Director
5. Lim Tau Kien Senior Independent Non-Executive Director
6. Fauziah Hisham Independent Non-Executive Director
7. Liang Kok Siang Independent Non-Executive Director


About Hengyuan Refining Company Berhad


Hengyuan Refining Company Berhad (HRC), formerly known as Shell Refining Company (Federation of Malaya) Berhad (SRC), was incorporated in Malaysia on 19 September 1960.

The company was listed on the Main Board of the then Kuala Lumpur Stock Exchange (now known as the Main Market of Bursa Securities) on 29 October 1962. On 22 December 2016, Malaysia Hengyuan International Limited (MHIL) acquired 51.0% equity stake in SRC from Shell Overseas Holdings Limited for USD66.3 million. MHIL is wholly-owned by Heng Yuan Holdings Limited, which in turn, is a wholly-owned subsidiary of Shandong Hengyuan Petrochemical Company Limited.

Hengyuan Refining Company Berhad manages and operates a refinery in Port Dickson, Negeri Sembilan with licensed production capacity of 156,000-bpd. The refinery is involved in the refining and manufacturing of petroleum products, and provides employment for more than 500 individuals comprising of staff and contractors.

About Shandong Hengyuan Petrochemical Company Limited


Established in 1970, Shandong Hengyuan Petrochemical Company Limited (SHPC) is a state-owned enterprise based in Linyi County, Shandong Province, China. SHPC develops, produces, processes, and markets diesel oil, liquefied gas, propylene, propane, polypropylene, tert-butyl alcohol, oil slurry, asphalt, tert-pentene, ethybenzene, and other petroleum related products.

SHPC has total assets of 4 billion Yuan (approx. USD582.53 million) and employs 1,700 employees. SPHC is one of the Top 100 Leading Enterprises in Shandong and one of the Top 500 Chinese Chemical Enterprises. The Group has garnered multiple accolades over the years and its Chairman and General Manager, Wang Youde, has also received recognition including ‘One of Ten Outstanding Entrepreneurs in Shandong Province' and ‘Outstanding People Award of National Advancements in Productivity', amongst others.

This news release is issued on behalf of Hengyuan Refining Company Berhad by Acendus Communications Sdn Bhd. For further information, please call I-Mae at 012 383 5688 or Michael Poh at 012 395 5202.