KUALA LUMPUR (July 29): Frozen food manufacturer HB Global Ltd (KL:HBGLOB) announced the appointment of Johol ruling chief (Undang Luak Johol) Datuk Johan Pahlawan Lela Perkasa Setiawan Datuk Muhammad Abdullah as its new independent non-executive chairman.

Muhammad, 58, replaced Chan Kay Ding, who resigned due to personal commitments after serving the company for five months since Feb 22.

As the ruling chief of Johol, Muhammad oversees land management, customary laws, and traditional ceremonies, preserving the cultural heritage of the Luak Johol community in Negeri Sembilan. He possesses a background in education and financial services, according to HB Global’s statement.

At the same time, HB Global also appointed two new independent non-executive directors to its board, namely Chin Nyat Fwu and Elizabeth Siew Wai Kit. Chin is currently a senior general manager at investment holding company Selangor Holdings Sdn Bhd, while Siew is a partner at Messrs Gan & Zul.

“I am excited by the strategic plans in place to turn the company around and look forward to supporting the team. Together with the newly appointed independent directors, we aim to bring fresh perspectives and renewed energy to the board, working collaboratively to guide HB Global towards a brighter future,” said Muhammad.

HB Global has been making full-year losses since the financial year ended Dec 31, 2020 (FY2020). For the first quarter ended March 31, 2024 (1QFY2024), the group’s net loss widened to RM7.9 million from RM4.72 million a year earlier, due to higher selling and distribution expenses, although revenue increased slightly to RM11.8 million from RM11.55 million, thanks to higher sales by its Chinese subsidiary Shandong Hengbao Foodstuffs Co Ltd.

Shares in HB Global closed unchanged at 14 sen on Monday, giving the group a market capitalisation of RM109.48 million. Since the start of this year, the counter has risen 55.5%.