Imran takes over helm of MRCB

However, his father will remain indirect substantial shareholder of the company

KUALA LUMPUR: Mohd Imran Mohamad Salim ( pic) has been appointed group managing director of Malaysian Resources Corp Bhd (MRCB) from July 2 after his father Tan Sri Mohamad Salim Fateh Din retired from the board of the construction company.

The change at the helm of the company also saw a tweak in the composition of the board to bring it more in line with the Malaysian code on corporate governance (MCCG).

Salim, 61, remained an indirect substantial shareholder of MRCB by virtue of his substantial shareholding in Gapurna Sdn Bhd, which is in turn a substantial shareholder of MRCB.

MRCB said in a statement yesterday that Imran’s accession to the company’s top executive post coincided with the retirement of Salim, who had in January this year expressed his desire to retire as the group managing director after successfully completing MRCB’s corporate transformation plan.

“Salim, through his private vehicle, Gapurna Sdn Bhd in 2013 which acquired a 16.6% stake in MRCB, not only invested his personal resources into MRCB to become the second largest shareholder, but greatly promoted entrepreneurial leadership and a work culture to rejuvenate MRCB,” the statement said.

“During this period, MRCB has seen a substantial increase in its land bank and construction order book, whilst the company’s net gearing ratio has dropped substantially from 1.73 times in 2013 to 0.53 times in 2017,” it added.

Meanwhile, the company has also announced that Tan Sri Azlan Zainol would be re-designated as its independent chairman.

Azlan also said in the statement that Salim had contributed much to MRCB.

“His exemplary dedication and professionalism has contributed to the success and recognition of the organisation. The board is confident that MRCB will continue to grow and prosper steadily ahead.” Azlan said.

MRCB said the changes in the board were in compliance with Practice 4.1 of the MCCG where at least half of the board of directors of a listed company should comprise independent directors.

Presently, five out of the company’s eight directors are non-independent directors, and only three are independent directors.

Following the change, there will be four independent directors: Azlan, Jamaludin Zakaria is a senior independent director while Hasman Yusri Yusoff and Toh Puan Janet Looi Lai Heng are independent directors.

Datuk Shahril Ridza Ridzuan and Rohaya Mohammad Yusof will be the non-independent non-executive directors and Mohd Imran, who is will be group managing director, is also made a non-independent director.

The changes would take effect from July 2, the company said.