KUALA LUMPUR (July 6): MMC Corporation Bhd (MMC Corp) has appointed former Petroliam Nasional Bhd (Petronas) president and chief executive officer (CEO) Tan Sri Shamsul Azhar Abbas as its independent and non-executive chairman, effective July 16, to replace Tan Sri Syed Abdul Jabbar Syed Hassan.

In a filing with Bursa Malaysia today, MMC Corp (fundamental: 0.4; valuation: 1.4) said Shamsul, 63, has also been appointed as chairman of the nomination and remuneration committee, effective the same date.  

Shamsul was president and CEO of MISC Bhd from July 1, 2004 to Dec 31, 2008 and chairman from February 2010 to Aug 1, 2011. He chaired several subsidiaries of MISC and Petronas and was a director in Star Energy Group PLC, Petronas Lubricant Italy SPA, PSE Ireland Ltd, NCB Holdings Bhd, Bintulu Port Sdn Bhd and Bintulu Holdings Bhd.

He joined Petronas Group in 1975. He also chaired Petronas Carigali Sdn Bhd between Feb 10, 2010 and March 31, 2015.

Shamsul currently holds directorship of Enra Group Bhd, formerly Perduren (M) Bhd. He was appointed as Enra Group’s independent and non-executive director on June 15.

In another filing with Bursa Malaysia this evening, MMC Corp has also announced the resignation of Syed Abdul Jabbar, 75, effective July 16, who will be retiring as non-independent and non-executive chairman.

He is also the chairman of Tradewinds (M) Bhd and Aliran Ihsan Resources Bhd.

MMC Corp share price closed unchanged at RM2.50 today, giving it a market capitalisation of RM 7.61 billion.

(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.)