KUALA LUMPUR (Aug 8): Ranhill Utilities Bhd (KL:RANHILL) on Thursday announced the appointment of five new directors, four of whom are linked to YTL Power International Bhd (KL:YTLPOWR).
This follows the successful takeover of Ranhill by YTL Power and its 70%-owned unit, SIPP Power Sdn Bhd, on July 9, when they completed their mandatory general offer (MGO) for the Johor-based utility company, securing a controlling stake of 53.19%.
In a bourse filing, Ranhill named Yeoh Keong Yeen and Yeoh Keong Yuan as new executive directors, Faiz Ishak and Annuar Ahmed as non-independent directors, and Datuk Seri Yusof Ismail as an independent director.
Keong Yeen and Keong Yuan are siblings and the grandchildren of Puan Sri Tan Kai Yong @ Tan Kay Neong, a major shareholder of YTL Power.
Faiz Ishak, a graduate member of the Association of Chartered Certified Accountants (ACCA), previously served as a director of Transocean Holdings Bhd, YTL Corp Bhd (KL:YTL), and YTL Power. He is also an entrepreneur in the retail food and beverages industry.
Annuar Ahmed, with over 30 years of business experience across various industries, particularly in energy and transportation, currently serves on the boards of several subsidiaries of YTL Power, as well as LBS Bina Group Bhd (KL:LBS) and Tenaga Nasional Bhd (KL:TENAGA).
Meanwhile, Yusof Ismail, a former administrative and diplomatic officer with more than 35 years of experience in the civil service, was the director general of the Malaysian Administrative Modernisation and Management Planning Unit (Mampu) from April 2020 to May 2023. He also sits on the boards of two listed entities, Green Packet Bhd (KL:GPACKET) and AwanBiru Technology Bhd (KL:AWANTEC).
However, the group chairman position remains vacant, following the resignation of founder Tan Sri Hamdan Mohamad last Friday.
YTL Power emerged as Ranhill’s substantial shareholder in November last year, after purchasing a stake of nearly 19% stake for RM140 million, or 58 sen per share, from TAEL Management Co (Cayman) Ltd — a private equity firm that funded Hamdan during the privatisation of Ranhill Bhd and Ranhill Utilities in 2011.
An MGO was triggered in May this year, after SIPP acquired a 31.42% equity interest in Ranhill for RM405.18 million, or 99.5 sen per share, from Hamdan.
Shares in Ranhill closed four sen or 2.76% lower at RM1.41 on Thursday, valuing the company at RM1.83 billion. The stock has risen 57.4% year-to-date.