MRCB appoints Imran Salim as group managing director
KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) announced the re-designation of its executive director Imran Salim as group managing director, effective July 2, as part of the company’s corporate transformation plan.
MRCB said the appointment coincided with the retirement of Tan Sri Mohamad Salim Fateh Din, who had in January expressed his desire to retire as the group managing director.
“Salim, through his private vehicle, Gapurna Sdn Bhd, in 2013, which acquired a 16.6 per cent stake in MRCB, not only invested his personal resources in the firm to become the second largest shareholder, but greatly promoted entrepreneurial leadership and a work culture to rejuvenate MRCB by implementing a strategy designed to refocus the business on its core engineering skill-set.”
During this period, MRCB had seen a substantial increase in landbank and construction order book, whilst its net gearing ratio dropped substantially from 1.73 times in 2013 to 0.53 times last year.
As part of MRCB’s restructuring exercise, efforts to comply with Practice 4.1 of the Malaysian Code On Corporate Governance, effective July 2, a majority of the company’s board of directors would comprise of independent directors.
MRCB said MRCB chairman Tan Sri Azlan Zainol would be redesignated as independent chairman, while the three independent directors will stay put.