KUALA LUMPUR (May 9): Excel Force MSC Bhd has announced the appointment of Farhash Wafa Salvador as the group’s new executive chairman, effective Tuesday (May 9), following the resignation of Tan Sri Dr Muhammad Rais Abdul Karim as the group’s independent and non-executive chairman, according to filings to Bursa Malaysia.

Farhash is the former political secretary to Prime Minister Datuk Seri Anwar Ibrahim.

Farhash, 41, was made the non-independent non-executive chairman of 7-Eleven Malaysia Holdings Bhd since January this year. This followed his appointment as group executive chairman of Apex Equity Holdings Bhd in Dec last year.

Meanwhile, Muhammad Rais had resigned as the group’s independent and non-executive chairman, effective May 9, after serving the company for 19 months.

Muhammad Rais, 75, said he was stepping down “to pursue his own interest”. He was appointed as the group’s chairman on Oct 1, 2021.  

Excel Force MSC, a financial services business solutions provider for banking and stockbroking companies, had changed its financial year to June 30, from Dec 31 back in December last year.

It said the change “is to allow the group to avoid the peak financial reporting in December and to enable better planning, coordination and management of its audit reporting.”

In the quarter ended Dec 31, 2022, the group’s net profit came in at RM2.07 million, up 13.46% quarter-on-quarter (q-o-q) from RM1.82 million in the immediate preceding quarter ended Sept 30, 2022, helped by lower operating costs and higher revenue.  Revenue rose 5.06% q-o-q to RM7.35 million, from RM7 million.

The counter settled unchanged at 34.5 sen on Tuesday, with a market capitalisation of RM193 million.