KUALA LUMPUR (July 30): C.I. Holdings Bhd has appointed executive director Megat Joha Megat Abdul Rahman to take over the post of managing director (MD), effective July 29, as Datuk Johari Abdul Ghani has resigned from the post on the same date.

Johari, 51, has given up his post after being appointed as a deputy finance minister after the Cabinet reshuffle by Prime Minister Datuk Seri Najib Razak on Tuesday (July 28).

In a filing with Bursa Malaysia today, C.I. Holdings said Johari, who has helmed C.I. Holdings as its MD for more than 12 years prior to his resignation, is a chartered accountant. He also serves as a non-executive chairman of Uda Holdings Bhd.

Meanwhile, Megat, 52, is also an accountant. He has been an executive director in C.I. Holdings for more than 2 years.

His past credentials include vice president for the agro-based and business development division of Kumpulan FIMA Bhd, as well as executive director and chief executive officer for Percetakan Keselamatan Nasional and Security Printers, which is also part of FIMA.

He was also a former investigations senior manager with Bursa Malaysia Securities Bhd, during which he was primarily responsible for setting up the Labuan International Financial Exchange.

He left Bursa in early 2002 to assume the position of chief operating officer cum executive director (operations) at Mayban Securities Sdn Bhd until mid 2005.

C.I. Holdings (fundamental: 1.85; valuation: 0.6), which is primarily in the manufacturing and trading of tapware and sanitaryware for large private and government-linked developments, closed 11 sen or 4.6% lower today at RM2.28, for a market capitalisation of RM385.56 million.

(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.)