KUALA LUMPUR (March 24): Maxis Bhd chief executive officer (CEO) Gokhan Ogut has said the mobile telecommunication network provider will continue to innovate in new areas of opportunities beyond its core business as the Covid-19 pandemic intensifies the pressure on the Malaysian economy as well as the challenge that the telecommunication industry faces as essential service providers.

Globally, Ogut said the telecommunication industry has already been under pressure due to increased competition and that many players experience flat or declining revenues while having to boost investments to grow their network footprint and introduce new services to the market.

"We (Maxis) remain focused on our ambition and continue to be guided by our solid growth strategy and our brand purpose. 

"We will accelerate our efforts to meet the needs of the growing digital lifestyles of everyone, and reshape Maxis with an enhanced operating model, complemented with new ways of working to stay ahead of the industry," Ogut said in Maxis' latest annual report, which was filed with Bursa Malaysia today.

Ogut said Covid-19, which started in 2020, is a global phenomenon that descended on all businesses so suddenly that its impact cannot be overstated.

He however said Maxis employees' collective will and the company's agility to respond to the circumstances have enabled the group to rise above the enormous Covid-19-driven challenge.

"Without a doubt, 2020 will be remembered as one of the most challenging years for us in our history," he said.

Maxis chairman Raja Tan Sri Arshad Raja Tun Uda also penned his thoughts in Maxis' annual report.

Arshad said that while Malaysia's economic performance and recovery remain slow with a level of uncertainty, Maxis believes that Covid-19 has accelerated the digital economy in the country and that the pandemic is creating a real impetus for businesses to adopt digitalisation in a Fourth Industrial Revolution (IR 4.0) era.

He said Maxis' directors, management and employees remain committed to Maxis' ambition to be Malaysia's leading converged solutions company. 

"We are confident that this commitment as well as our focus on our growth strategy will enable us to emerge strongly in the year to come," said Arshad, who will be redesignated as Maxis independent director on April 22, 2021.

On Monday (March 22), Maxis said in filings with Bursa that Maxis independent director Tan Sri Mokhzani Mahathir would be redesignated as Maxis chairman on April 22, 2021.

On Bursa today, Maxis' share price rose two sen or 0.43% to RM4.62 for a market value of about RM36.13 billion.

Maxis has 7.82 billion issued shares.