Friday 29 Mar 2024
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KUALA LUMPUR (June 21): Shares in Malakoff Corp Bhd sank to as low as RM1.04 per share today — the lowest seen since its listing in May 2015 — after both its CEO and chairman resigned yesterday.

The counter was among the top most actively traded stocks on Bursa Malaysia this afternoon with as many 10.6 million shares traded as at 3.56pm. At the same time, it had pared losses to trade down 2 sen at RM1.07 per share.

Malakoff's outgoing CEO Datuk Wira Azhar Abdul Hamid has been tipped to replace Datuk Zakaria Arshad, CEO at beleaguered Felda Global Ventures Holdings Bhd, upon the exit of its chairman Tan Sri Mohd Isa Abdul Samad.

According to sources in a report by The Edge Financial Daily today, Azhar is a good fit for the position due to his background in the plantation sector.

Separately, Malakoff's outgoing chairman Tan Sri Syed Anwar Jamalullail was replaced by Datuk Hasni Harun, while executive vice president of operations Habib Husin was appointed as acting CEO.

According to Malakoff's filings yesterday, Azhar resigned for personal and professional reasons, while Syed Anwar cited other professional commitments.

 

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