KUALA LUMPUR (Sept 4): Ranhill Utilities Bhd (KL:RANHILL) has redesignated non-independent director Datuk Faiz Ishak as its chairman, filling the post that has been left vacant for a year since the resignation of founder Tan Sri Hamdan Mohamad in August 2024.
Hamdan, who had been in control of Ranhill since it took over the listing status of Symphony House Bhd in December 2015, stepped down shortly after YTL Power International Bhd (KL:YTLPOWR) and its 70%-owned unit SIPP Power Sdn Bhd completed their mandatory general offer (MGO) for Ranhill in July 2024.
The MGO secured a controlling 53.19% stake in the Johor-based utility company. It was launched after YTL Power emerged as a substantial shareholder in late 2023, when it bought nearly 19% of the group for RM140 million.
Ranhill saw a slew of boardroom changes following the takeover by YTL Power, with five new directors named in August last year. They included Yeoh Keong Yeen and Yeoh Keong Yuan as executive directors. The two are grandchildren of Puan Sri Tan Kai Yong @ Tan Kay Neong, wife of the late YTL Group founder, Tan Sri Yeoh Tiong Lay.
Besides Hamdan, then executive directors Datuk Seri Panglima Lim Haw Kuang and Zurina Abdul Rahim, as well as Hamdan's daughter, independent director Imaan Aiysha Hamdan, also exited the company following the takeover.
Faiz, 67, joined Ranhill’s board in August 2024. A graduate member of the Association of Chartered Certified Accountants or ACCA, he previously served as a director of Transocean Holdings Bhd, YTL Corporation Bhd (KL:YTL), and YTL Power.
Ranhill, which is the sole water utility operator for Johor through its unit Ranhill SAJ Sdn Bhd, reported a net profit of RM17.77 million for the April-June quarter of 2025, an earlier bourse filing showed, more than double the RM6.94 million it posted in the preceding quarter.
The group expects robust water demand from data centre developments, as well as catalytic projects such as the Johor-Singapore Special Economic Zone and Special Financial Zone, to underpin future earnings.
Ranhill shares closed three sen or 1.85% lower at RM1.59 on Thursday, giving the group a market capitalisation of RM2.06 billion.