KUALA LUMPUR (Jan 29): MSM Malaysia Holdings Bhd has appointed Syed Feizal Syed Mohammad as its group chief executive officer (CEO), effective next Monday (Feb 1).
In filings with Bursa Malaysia today, sugar manufacturer MSM said that with Syed Feizal’s appointment, Fakhrunniam Othman will cease to be the acting group CEO on the same day.
According to MSM, Syed Feizal, 56, has been a non-executive director of Borneo United Consortium Sdn Bhd since June 2020.
He was also an executive director of IBC Industrials Co Ltd between July 2020 and January 2021, and the Asia special representative for Fleet Energy Inc between February 2019 and January 2021, according to MSM.
On Oct 9, 2020, MSM said it on a day earlier (Oct 8) appointed Fakhrunniam as the acting group CEO following the previous 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 filing then.
"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 the Oct 9, 2020 Bursa filing.
On Bursa today, MSM's share price had fallen two sen or 3.33% to 58 sen as at the time of writing, giving it a market value of about RM407.73 million.
MSM’s latest reported number of issued shares stood at RM702.98 million.