LONDON (Alliance News) - Petro Matad Ltd on Tuesday said Non-Executive Director Oyungerel Janchiv intends to retire after the annual general meeting scheduled on September 20 to spend more time pursuing her other interests.
The oil explorer said Janchiv was instrumental in the formation of the company and has served on the board for 13 years including 10 years since the initial public offering.
Janchiv's position on the board is on the nomination of the company's largest shareholder Petrovis Matad Inc.
In addition to that, Petro Matad said it intends to hire a further independent non-executive director to strengthen the board. A search has already begun, the company said.
"The company has been very fortunate to have had a person of Oyungerel's calibre and standing serving its board," said Chairperson Enkhmaa Davaanyam. "On behalf of the board of directors and Petro Matad staff, I thank Oyungerel for her service to the company and we wish her well in pursuit of her many other interests."
Shares in Petro Matad were trading 2.8% higher on Tuesday at 8.69 pence each.
Petro Matad (MATD)