KUALA LUMPUR (Dec 4): Chemical Co of Malaysia Bhd (CCM) chief operating officer (COO) and chief financial officer (CFO) Nik Fazila Nik Mohamed Shihabuddin has been promoted to group managing director.

Nik Fazila, 51, replaces Leonard Ariff Abdul Shatar, who will continue to spearhead CCM Duopharma Biotech Bhd (CCMD) as its chief executive officer.

These changes will take effect upon the completion of the demerger of CCMD from CCM by the end of 2017.

In a filing with Bursa Malaysia today, CCM said Nik Fazila joined CCM in March 2012 as director of finance and was appointed group COO-cum-CFO in May 2016.

Prior to joining CCM, Nik Fazila served in multiple senior management positions in three Main Market-listed companies.

CCM will see some changes to its board of directors. For one, its non-independent non-executive director Datuk Seri Dr Zaini Ujang will be re-designated to independent non-executive director.

Its independent non-executive directors Tan Sri Siti Sa'diah Sh Bakir and Datuk Nik Moustpha Nik Hassan will step down from the board, but will serve the board of CCMD.

In August 2017, CCM had announced two major corporate proposals, which include a de-gearing exercise involving the proposed sale of its three parcels of land in Shah Alam, Selangor, a private placement of up to 10% of the issued share capital in CCMB which was completed on Oct 13, 2017 and the identification of other non-core assets to be divested. The proposals also included the demerger of CCMD from CCM via a proposed distribution of its entire stake in CCMD.

CCM shares closed unchanged at RM1.58, with 1.65 million shares done, bringing a market capitalisation of RM790.15 million.