Thursday 28 Mar 2024
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KUALA LUMPUR (Mar 6): Tan Sri Dr Samsudin Hitam, chief executive officer of Maju Expressway Sdn Bhd, has been appointed as the chairman of Reliance Pacific Bhd.

In a filing with Bursa Malaysia today, Reliance Pacific (fundamental: 0.55; valuation: 2.1) said Samsudin is also its new independent and non-executive director in the company.

Samsudin, 67, has served in the Ministry of Finance, the Inland Revenue Board Malaysia and the Economic Planning Unit.

He has served as an Assistant Secretary and Senior Assistant Director of the Budget Division, Treasury. In 2000, he was appointed as the Secretary General of the Treasury in the Ministry of Finance. He was also the Chairman of the Inland Revenue Board of Malaysia.

He was also a director of various corporations, namely Khazanah Nasional Bhd, Hicom Holdings Bhd, Malaysia Airlines Bhd and Pos Malaysia & Services Holdings Bhd.

Samsudin will be replacing outgoing chairman and director, Datuk Gan Eng Kwong, who resigned today.

According to the announcement on Bursa, the reason for his resignation was "to comply with corporate governance practices under the Malaysian Code on Corporate Governance 2012."

In a separate filing, the tour operator and hotel owner said that Gan, who directly and indirectly held a total of 45.6% equity in the company, is the spouse of another director Datin Irene Tan.

Another boardroom movement announced today was the appointment of lawyer Abdul Aziz Abdul Wahab as a non-executive director in the company.

Abdul Aziz has many years of experience in the legal profession, in various positions and organisations.

He was the Head of Corporate legal/Litigation of SME Bank, the Head of Legal Division for DRB Hicom Berhad, the Group General Counsel & Company Secretary for Silterra Malaysia Sdn Bhd and Head of Legal for Malaysia Electric Company Berhad.

Meanwhile, non-executive director Lim Guan Chin has resigned due to family commitment.

Lim indirectly held a 0.1% stake in the company.

Reliance Pacific closed 0.5 sen or 1.30% higher at 39 sen today, giving it a market capitalisation of RM330.54 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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