KUALA LUMPUR, 9 JUNE 2020 – VELESTO ENERGY BERHAD (“Velesto”) is pleased to announce the appointment of Mohd Rashid Mohd Yusof as its Non-Independent Non-Executive Chairman effective 10 June 2020. Rashid Yusof, who joined Velesto Board in 2017, succeeds Dato’ Abdul Rahman Ahmad who relinquished his post effective 10 June 2020, following his appointment as the new Group Chief Executive Officer/Executive Director for CIMB Group Holdings Berhad.

Rashid Yusof has over 40 years of oil and gas industry experience. During his years with PETRONAS, he held various financial positions such as Head of Group Accounting, Head of Group Treasury and Head of Group Internal Audit. He was also the Financial Director of Engen Petroleum Limited (“Engen”), before assuming Senior Management positions as the Chief Executive Officer of Malaysian International Trading Corporation Sdn Bhd and later as the Managing Director/ Chief Executive Officer of Engen in South Africa and Vice President of Supply Chain & Risk Management at PETRONAS. As the Managing Director/ Chief Executive Officer of Engen in South Africa, he was the Chairman of the South African Petroleum Industry Association for the year 2007.

During the course of his career at PETRONAS, Rashid Yusof has also served as a Director for several companies in the group, including Putrajaya Holdings Sdn Bhd, Enpet Insurance Ltd. (Isle of Man), Trustee of the PETRONAS Retirement Benefit Fund, Director and Chairman of PETRONAS-ICT Sdn Bhd, Director of KLCC (Holdings) Sdn. Bhd. and Energas Insurance (Labuan) Ltd.

Rashid Yusof currently sits on the Board of Scicom (MSC) Berhad, Media Prima Berhad and Standard Chartered Bank Malaysia Berhad. He is also a member of Audit & Risk Committee of the Malaysian Aviation Commission (MAVCOM).

He is a Fellow Member of the Association of the Chartered Certified Accountants (“ACCA”) and the Malaysian Institute of Accountants. He has attended Advanced Management Programme at the Wharton Business School, Pennsylvania, USA.

Velesto welcomes the appointment of Rashid Yusof as Chairman of the Board and looks forward to his leadership and dedication to steer the Group forward and help successfully navigate the Group through the current challenging oil and gas environment.

On behalf of the Board, Management and staff, Velesto would like to record its heartfelt thanks and appreciation to Dato’ Abdul Rahman for his leadership, guidance and contributions throughout his tenure as Chairman. We wish him all the best in his future undertakings.