KUALA LUMPUR (Feb 5): Sime Darby Plantation Bhd has appointed Employees Provident Fund's (EPF) head of global equity Sharifah Sheila Syed Muhamad as its new non-independent non-executive director effective immediately.
Sharifah Sheila will be the new EPF representative in Sime Darby Plantation's board following the resignation of former EPF chief executive officer Datuk Seri Amir Hamzah Azizan after he was appointed as finance minister II in December last year.
In a filing with Bursa Malaysia on Monday, Sime Darby Plantation said Sharifah Sheila has over 25 years of working experience in fund management and research, as she leads the EPF's global equities team with investments in both developed and emerging markets across five regions.
Prior to joining EPF in 2010, Sharifah Sheila held various leadership roles, including as vice president and equities fund manager at CIMB-Principal Asset Management Bhd from 2006 to 2010.
Separately, Sime Darby Plantation said Sharifah Sheila has also been appointed as the fourth member in its risk committee.
As at Feb 2, EPF has a total 14.8% stake in Sime Darby Plantation, making it the second largest shareholder after Permodalan Nasional Bhd, which holds 53.4% stake through Amanah Saham Nasional Bhd.
For the third quarter ended Sept 30, 2023 (3QFY2023), Sime Darby Plantation registered a net profit of RM1.21 billion, a threefold jump from RM396 million in the previous year’s corresponding quarter.
Its quarterly revenue, meanwhile, fell 11.46% to RM4.77 billion from RM5.39 billion a year earlier, amid lower crude palm oil and palm kernel average realised prices, which fell by 12% and 11% respectively.
There was no dividend declared for 3QFY2023.
For the nine months of FY2023 (9MFY2023), the group’s net profit declined 13.81% to RM1.66 billion from RM1.93 billion, as revenue decreased 14.4% to RM13.15 billion from RM15.36 billion.
Shares of Sime Darby Plantation dropped seven sen, or 1.56%, to close at RM4.42 on Monday, giving the group a market capitalisation of RM30.57 billion.