KUALA LUMPUR (Jan 28): Loss-making Key Alliance Group Bhd (KL:KGROUP) has appointed Datuk Wira Farhash Wafa Salvador as its executive chairman, effective immediately.

The cloud and IT services provider has been without a chairman since former independent non-executive chairman Datuk Zaidi Mat Isa @ Hashim stepped down in September 2023.

Key Alliance announced the appointment of Farhash, known for his former roles as political secretary to Prime Minister Datuk Seri Anwar Ibrahim and PKR's Perak chief, via a bourse filing on Tuesday.

"Farhash brings with him over more than a decade's worth of experience in the field of business, consultancy and advisory," the company said. 

Besides Key Alliance, Farhash also sits on the boards of 7-Eleven Malaysia Holdings Bhd (KL:SEM), Apex Equity Holdings Bhd (KL:APEX) and Excel Force MSC Bhd (KL:EFORCE).

For the second quarter ended Sept 30, 2024 (2QFY2024), Key Alliance posted a wider net loss of RM3.61 million versus RM1.56 million a year earlier, as revenue plummeted 70.7% to RM2.95 million from RM10.07 million.

On a full-year basis, the company has been in the red since FY2022, where it posted a net loss of RM47.35 million.

Accumulated losses stood at RM101.05 million as at end-September 2024.

Shares in Key Alliance closed half a sen or 50% lower at half a sen, valuing the company at RM18.39 million.