Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 9): MSM Malaysia Holdings Bhd said the sugar manufacturer yesterday appointed Fakhrunniam Othman as acting group chief executive officer (CEO) following its former group CEO's cessation of office.

"He (Fakhrunniam) shall continue to assume the responsibilities and authorities of the group CEO and report directly to the board," MSM said in a Bursa Malaysia filing today.

"Fakhrunniam was appointed the officer-in-charge on Sept 8, 2020 to perform the functions of the [former] group CEO when the [former] group CEO was placed on leave of absence from Sept 8, 2020 to Oct 5, 2020 relating to an adjustment to write off inventories amounting to RM36.6 million in MSM Sugar Refinery (Johor) Sdn Bhd in the 2019 financial statements," MSM said.

MSM did not include its former group CEO's name in today's Bursa filing.

On Monday, MSM announced to Bursa about Datuk Khairil Anuar Aziz's cessation of office as group CEO that day.

"The board has decided that the group CEO ceased office with effect from Oct 5, 2020 after finding his clarification on the irregularities pertaining to the adjustment to write off inventories amounting to RM36.6 million in MSM Sugar Refinery (Johor) in the 2019 financial statements unacceptable," MSM said then.

MSM is a 51%-owned subsidiary of FGV Holdings Bhd, according to FGV's webiste.

In MSM's Bursa filing today, MSM said Fakhrunniam's appointment as MSM acting group CEO is based on his vast experience in accounting, finance, strategic planning, investment besides his experience as CEO of three subsidiary companies in FGV Group.

"The [MSM] board believes that during this interim period, Fakhrunniam is able to bring strong leadership to execute the ongoing initiatives of the company's strategies and plans that are already in place with minimum disruptions.

"The board executive committee which was established on Sept 8, 2020 shall continue to guide and assist the acting group CEO. The board also wishes to update that the process of identifying a suitable candidate for the group CEO position has commenced," MSM said.

At Bursa's 12.30pm break today, MSM's share price settled up 0.5 sen or 1.06% at 47.5 sen for a market value of about RM331.92 million.

The stock saw 157,300 shares traded.

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