Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 14): Tan Sri Mohd Khamil Jamil will retire as group managing director of conglomerate DRB-Hicom Bhd in February, and Datuk Seri Syed Faisal Syed Albar is expected to take his place, sources said.

"He (Mohd Khamil) turns 60 and will retire at the end of February," a source told theedgemarkets.com.

It is understood that DRB-Hicom will make an announcement about Mohd Khamil's resignation soon.

Mohd Khamil has captained DRB-Hicom, a group controlled by tycoon Tan Sri Syed Mokhtar Albukhary, for some ten years now. He took on the top job on March 1, 2006. The group's businesses include automotive, energy, property development and Islamic banking.

Syed Faisal is the outgoing chief executive officer (CEO) of the country's largest independent power producer Malakoff Corp Bhd. On Dec 2, Malakoff had said in a filing to Bursa Malaysia that Syed Faisal, 50, was resigning effective Dec 31 to "pursue other career opportunities".

His resignation had taken the market by surprise as it came just six months after Malakoff was listed in what was the largest initial public offering exercise the country had seen in recent years.

Prior to having joined Malakoff, Syed Faisal had done a half-year stint as the CEO of Gas Malaysia Bhd. He had been executive director of Konsortium Logistik Bhd before joining Gas Malaysia.

Malakoff, Gas Malaysia and Konsortium Logistik are all part of Syed Mokhtar's stable of companies.

Syed Faisal, who started his career with PricewaterhouseCoopers Kuala Lumpur in 1991, has helmed various other companies. He was previously the CEO of The New Straits Times Press (Malaysia) Bhd and group managing director of Pos Malaysia Bhd.

Pos Malaysia is also under the DRB-Hicom group.

DRB-Hicom recently reported a net loss of RM15.82 million for the six months ended Sept 30 compared with a net profit of RM200.93 million in the same period a year ago, as the group felt the impact of a more challenging economy, especially on its automotive and property businesses.

Mohd Khamil could not immediately be reached for comment.

(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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