This article first appeared in The Edge Malaysia Weekly on March 2, 2026 - March 8, 2026
TAN Sri Che Khalib Mohamad Noh, managing director of businessman Tan Sri Syed Mokhtar Albukhary’s flagship MMC Corp Bhd since July 2013, is understood to be stepping down, sources say.
Towards this end, he has already left the boards of two MMC-linked publicly traded companies — Gas Malaysia Bhd (KL:GASMSIA), in which Syed Mokhtar and his related companies have a 30.93% stake, and Malakoff Corp Bhd (KL:MALAKOF), in which the tycoon and parties linked to him have 38.45%.
“[Che Khalib’s] last day with MMC is today [Feb 27],” one source who spoke on condition of anonymity tells The Edge.
“There should be an announcement about his successor as early as next week,” says another source, formerly a high-ranking executive in the Syed Mokhtar group of companies.
Che Khalib’s resignation from Malakoff, where he was non-independent and non-executive chairman, and Gas Malaysia, where he was non-independent non-executive director, will take effect on March 1. The announcements about his departure — to “pursue other interests” — were made to the exchange by both companies only last week, on Feb 25.
Che Khalib could not be reached for comment, but it is learnt that his exit from MMC is taking place before his contract expires next year.
While several other MMC-linked companies — such as Johor-based water treatment player Aliran Ihsan Resources Bhd, Johor Bahru-based airport operator Senai Airport Terminal Services Sdn Bhd, port operator MMC Port Holdings Bhd and haulier Kontena Nasional Bhd — still have Che Khalib listed as chairman on their respective websites, he is understood to be relinquishing all his positions in the group.
At Malakoff, Che Khalib was replaced by Tan Sri Wan Zulkiflee Wan Ariffin, who entered Syed Mokhtar’s corporate fold in August 2020 when he was appointed director of DRB-HICOM Bhd (KL:DRBHCOM), in which the tycoon holds a 55.92% stake. Wan Zulkiflee was president and group CEO of Petroliam Nasional Bhd (PETRONAS) from April 2015 to June 2020, as well as group chairman of Malaysia Aviation Group Bhd from July 2020 to September 2024.
Che Khalib began his career at Ernst & Young in 1989, followed by a brief stint at Bumiputra Merchant Bankers Bhd. From 1992 to 1999, he held several roles within Tan Sri Halim Saad’s Renong group, before becoming CEO of Ranhill Utilities Bhd (KL:RANHILL) in June 1999.
He later served as managing director and CEO of KUB Malaysia Bhd (now JAG Capital Holdings Bhd [KL:JAGCPTL]), and was president and CEO of Tenaga Nasional Bhd (KL:TENAGA) from July 2004 to June 2012.
Che Khalib first emerged in Syed Mokhtar’s diversified group of companies as chief operating officer of finance, strategy and planning at DRB-HICOM Bhd in July 2012, before going on to helm MMC.
Amid speculation over his departure, MMC reported a net profit of RM797.79 million on revenue of RM5.19 billion for the financial year ended Dec 31, 2024 (FY2024).
As at Dec 31, 2024, MMC had total assets of RM26.4 billion, and total liabilities were pegged at RM14.23 billion. While MMC made no dividend payments in 2024, over the past four years, it forked out RM564.27 million in dividends from FY2019 to FY2023.
This year was to be a big one for MMC, as it was slated to float shares in its port operating arm MMC Port Holdings, which owns 70% of Port of Tanjung Pelepas Sdn Bhd, 100% of Penang Port Sdn Bhd, Johor Port Bhd and Northport (M) Bhd in Port Klang, as well as Tanjung Bruas Port Sdn Bhd in Melaka and Andaman Port in Kedah.
The initial public offering (IPO) was slated for the fourth quarter of 2025 and later reported to have been delayed to mid-2026, but the plan was later scrapped. The IPO was said to value the port operations at RM29 billion, with some analysts pegging the valuation at closer to RM20 billion.
A sticking point for fund managers and analysts was MMC’s reluctance to issue new shares to raise fresh capital via the listing, opting instead for an offer for sale. This meant proceeds would go entirely to its ultimate sole shareholder, Syed Mokhtar, leaving the port operator to rely on borrowings for new equipment purchases and other capital needs.
In 2021, Syed Mokhtar, who then controlled 51.76% of MMC at the time, paid RM2.94 billion, or RM2 per share, to acquire the remaining shares he did not own via a selective capital repayment, valuing the entire group at RM6.09 billion.
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