KUALA LUMPUR (May 22): MSM Malaysia Holdings Bhd (KL:MSM) has appointed Datuk Mazlan Kamaruddin as its new independent non-executive chairman, effective immediately.

He succeeds Datuk Syed Hisham Syed Wazir, who stepped down after completing a six-year tenure in accordance with the company’s constitution, according to a filing with Bursa Malaysia on Friday.

Mazlan, 68, currently sits on the board of a number of Naza Group companies, including as an independent non-executive director of Naza TTDI Sdn Bhd, Naza Automotive Holdings Sdn Bhd and Naza Motor Trading Sdn Bhd.

He also serves as a senior adviser at Ernst & Young Advisory Services Sdn Bhd, a position he has held since 2017.

MSM Malaysia is one of only two sugar refiners in the country and is controlled by FGV Holdings Bhd, which holds a 10.97% direct stake and a 40.03% indirect stake via FGV Sugar Sdn Bhd.

MSM Malaysia has been in the red for three consecutive quarters, posting a net loss of RM397.25 million for the financial year ended Dec 31, 2025 (FY2025), compared with a net profit of RM31.25 million in FY2024.

MSM attributed the loss to impairment charges and a challenging operating environment, which offset its brief return to profitability in the previous year.

The group said it expects operating conditions to remain challenging in 2026 amid intensifying competition from imported sugar. It added that the global oversupply of refined sugar has led to a domestic surplus, eroding MSM’s market share.

MSM shares were unchanged at 79.5 sen at the midday break on Friday, giving the company a market capitalisation of RM558.9 million.