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KUALA LUMPUR (Nov 5): Jasa Kita Bhd (KL:JASKITA), which specialises in manufacturing power tools and industrial equipment, has designated Datuk Yasmin Mahmood as its executive chairman and her brother Datuk Seri Iskandar Mizal Mahmood as group managing director.
The leadership changes, effective immediately, come after the acquisition of a controlling 40.33% stake in Jasa Kita in September by Kintan Prima Sdn Bhd — an investment vehicle owned by Yasmin, her husband Abd Azis Mohamad and Iskandar.
The stake was acquired at RM68.9 million or 38 sen per share from Tan Sri Robert Tan Hua Choon, often referred to as the 'Casio King', and his son Datuk Seri Tan Han Chuan.
The acquisition triggered an unconditional takeover offer for the remaining shares at the same price. On conclusion of that, Kintan Prima controls 77.93% of the Main Market-listed company.
Robert, who was the former chairman, along with his children Han Chuan and Datin Tan Ching Ching, who both served as executive directors, resigned from the board on Oct 25.
Yasmin, who was the chief executive officer of Malaysia Digital Economy Corporation (MDEC) from 2014 to 2018, currently sits on the boards of MBSB Bhd (KL:MBSB), Citaglobal Bhd (KL:CITAGLB) and Malaysian Industrial Development Finance Bhd (MIDF).
Iskandar, a veteran of over 35 years in corporate Malaysia, has previously held top roles at Malaysia Airports Holdings Bhd, Media Prima Bhd (KL:MEDIA) and Pos Malaysia Bhd (KL:POS).
In a statement, Jasa Kita said the leadership realignment marks the start of a "new phase” for the group, aimed at strengthening its fundamentals, diversifying into strategic areas and enhancing long-term shareholder value.
“This new chapter for Jasa Kita is about moving with the times to deliver sustainable growth for all our loyal shareholders,” Yasmin said.
“We intend to future-proof the company and are laying the groundwork to take Jasa Kita into new areas of opportunity that build on our existing strengths while also embarking on initiatives that will shape the group’s next stage of growth,” she added.
She thanked the previous owners, noting that the company has “no debt and no gearing”, which provides a solid platform for expansion.
Iskandar said the group will remain “laser-focused” on sustainable expansion, financial prudence and unlocking long-term value for shareholders and investors.
"This is the start of a new chapter for Jasa Kita — one built on innovation, integrity and impact — with plans to be disclosed in due course," he said.
The company also said the entitlement date of its planned special 12 sen per share cash dividend will be announced soon. The dividend, which amounts to about RM53.95 million, was announced in July after it sold four parcels of land in Gombak for RM38 million to Logik Damai Sdn Bhd, which is linked to Robert.
The sale of the controlling stake in Jasa Kita to the new shareholders was conditional upon the disposal of the four industrial plots to Logik Damai.
Jasa Kita shares closed 1.5 sen or 4.11% higher at 38 sen on Wednesday, valuing the company at RM170.83 million. Year to date, the stock has gained 21 sen.