Mirzan Mahathir does not own shares in Petron Malaysia

(Bernama) — Petron Malaysia Refining & Marketing Bhd (Petron Malaysia) today disclosed to Bursa Malaysia that Mirzan Mahathir does not own any shares nor does he have any role in the company.

Petron Malaysia made the statement in response to a question from a stockholder at its annual general meeting pertaining to Mirzan’s shareholdings in Petron Malaysia and its parent company, Petron Corporation, and the ultimate holding company, San Miguel Corporation.

The company clarified that Mirzan is a board member of its parent company, Petron Corporation of the Philippines.

He was elected as a Director of Petron Corporation on Aug 13, 2010 and holds 1,000 shares.

Under the company’s by-laws, a person has to be a shareholder to qualify as a Director. Petron Corporation has 9.4 billion shares listed on the Philippines Stock Exchange.

Prior to the directorship in Petron Corporation, the company said Mirzan was a Director of San Miguel Corporation for a brief period from Sept 1, 2009 until April 15, 2010.

He currently holds 5,000 San Miguel shares. San Miguel Corporation has a total of 3.3 billion shares listed on the Philippines Stock Exchange.

“We hope these facts will put an end to all the speculations in connection with Mirzan, which are unfair to Dr Mahathir’s family.

“The shares held by Mirzan in San Miguel Corporation and Petron Corporation are essentially qualifying shares for directorship,” Petron Chairman and Chief Executive Officer Ramon S. Ang said in a statement.

“San Miguel, Petron Corporation and Petron Malaysia are public-listed companies, adhering to the strictest standards on governance,” Ang added.