This article first appeared in The Edge Malaysia Weekly on July 28, 2025 - August 3, 2025
SYAHRUNIZAM Samsudin, who recently resigned from UEM Edgenta Bhd (KL:EDGENTA), where he was the managing director for five years, may surface as the head honcho at power generation and environmental solutions outfit Malakoff Corp Bhd (KL:MALAKOF), sources familiar with the matter tell The Edge.
It is understood that he is still in talks with Malakoff, firming up the details of his remuneration package, but a deal should be concluded soon for him to take over the top job at the diversified company. Syahrunizam, who will end his tenure with UEM Edgenta at end-August, did not respond to questions from The Edge.
A source familiar with the matter, however, says, “From what I know, Malakoff is keen [to hire Syahrunizam], and he is interested in joining them as well. So it’s a matter of ironing out the details, meeting each other halfway … it could be a done deal soon, he could be joining Malakoff.”
Malakoff’s current managing director and CEO Anwar Syahrin Abdul Ajib joined the company in early December 2020, which means his five-year term will be ending soon.
Malakoff is a power generation and environmental solutions company and is mainly known as Malaysia’s largest independent power producer with a generating capacity of 6,953MW, which is supplemented by an expanding renewable energy portfolio of 173MW. Other than power generation, Malakoff also has a foot in environmental solutions via subsidiary Alam Flora Sdn Bhd, which is big in waste management.
Other than the above, Malakoff also has power generation and water desalination ventures in Saudi Arabia, Bahrain and Oman. The company is 38.45% controlled by conglomerate MMC Corp Bhd, which is the flagship company of businessman Tan Sri Syed Mokhtar Albukhary.
For its first financial quarter ended March this year, Malakoff’s net profits fell 45.35% year on year to RM33.99 million while revenue slipped 10.96% to RM2.03 billion. The decline in net profits was a result of lower positive fuel margin recorded at Tanjung Bin Power Plant, in line with the decline in applicable coal price, higher net realisable value provision for coal inventories and lower contribution from Prai Power Plant, following a reduction in the revised tariff from an extended power purchase agreement.
As at end-March this year, Malakoff had cash and cash equivalents of RM1.24 billion. On the other side of the balance sheet, its long- and short-term borrowings stood at RM7.17 billion and RM789.45 million. With shareholders’ funds of RM4.5 billion, its net gearing stood at 1.5 times.
On its prospects, Malakoff says, “The group expects its overall performance to remain satisfactory for the financial year ending Dec 31, 2025.”
If all goes well and Syahrunizam does take up the job at Malakoff, it would be the largest corporate entity he has helmed to date.
Prior to UEM Edgenta, Syahrunizam, 51, was previously the CEO of Touch ‘n Go Sdn Bhd from 2019 to 2020; president and chief operating officer of Scomi Engineering Bhd; and chief strategy officer and chief financial officer of Scomi Group Bhd, which, other than engineering and rail, had a strong presence in the oil and gas industry. He also had stints in national oil company Petroliam Nasional Bhd at the corporate planning and development division, among other divisions.
He has a degree in law and a Bachelor of Commerce in accounting and finance, both from the Australian National University.
For its first three months of FY2025 ended March, UEM Edgenta suffered a net loss of RM17.95 million from RM646.06 million in revenue. For the corresponding period a year ago, UEM Edgenta chalked up net profits of RM9.76 million from RM677.58 million in revenue.
In an interview with The Edge in June, Syahrunizam described the weak financial results at the facility management company as “a blip” and said he expected stronger quarterly performances for the remainder of FY2025.
“We are confident that the group will do better from 2QFY2025 onwards. We expect to achieve at least a similar earnings level as FY2024, or better,” he had said.
As at end-March, UEM Edgenta was in a net cash position and had an order book of RM9 billion — 80% originating from Malaysia and the remaining 20% from abroad.
Last Thursday, UEM Edgenta’s share price closed at 72 sen, translating into a market capitalisation of RM599 million while Malakoff ended trading at 91 sen, giving the company a market value of RM4.55 billion.
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