Thursday 28 Mar 2024
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KUALA LUMPUR (June 20): Malaysian Resources Corp Bhd (MRCB) has appointed Mohd Imran Mohamad Salim as the new group managing director, who will succeed his father Tan Sri Mohamad Salim Fateh Din, on July 2.

The appointment will see Mohd Imran being redesignated from his current position as executive director, while Mohamad Salim, who has been helming MRCB for nearly five years since Sept 2, 2013, will retire.

Both Mohd Imran and Mohamad Salim are indirect shareholders in MRCB. In 2013, Mohamad Salim, via his private vehicle Gapurna Sdn Bhd, acquired a 16.6% stake in MRCB and became the second largest shareholder after the Employees Provident Fund.

Since Mohamad Salim's entry, he has greatly promoted entrepreneurial leadership and a work culture to rejuvenate the group by implementing a strategy designed to refocus the business back to its core engineering skillset and ensure its long-term sustainability, MRCB said in a statement.

Under his leadership, MRCB saw a substantial increase in its land bank and construction order book, whilst the group's net gearing ratio has dropped substantially from 1.73 times in 2013 to 0.53 times in 2017, the statement read.

MRCB redesignated MRCB chairman Tan Sri Azlan Zainol as its independent chairman to restructure the composition of its board of directors. It is keeping Jamaludin Zakaria, Hasman Yusri Yusoff and To' Puan Janet Looi Lai Heng as its independent directors. Mohd Imran, Datuk Shahril Ridza Ridzuan and Puan Rohaya Mohammad Yusof will also remain in their posts as non-independent directors.

Hence, MRCB's new board of directors will comprise four independent directors and three non-independent directors, as opposed to five non-independent and three independents at present.

MRCB said the restructuring is to comply with Practice 4.1 of the Malaysian Code On Corporate Governance — which states that at least half the board of directors of a listed company should comprise independent directors — to meet the highest standard in corporate governance.

Azlan, in extending the group's gratitude to Mohamad Salim for his exemplary leadership, said: "The board of directors is confident that MRCB will continue to grow and prosper steadily ahead."

MRCB shares gained 0.5 sen or 0.78% and paused at 65 sen at noon-break, giving it a market capitalisation of RM2.85 billion.

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