Two out of three com­pa­nies see­ing change at the helm

The Star Malaysia - StarBiz - - Cover Feature -

OUT of the three listed com­pa­nies that are sub­stan­tially con­trolled by ty­coon T. Ananda Kr­ish­nan, two are see­ing changes at the helm.

In Maxis Bhd, Morten Lun­dal stepped down as chief ex­ec­u­tive of­fi­cer (CEO) upon the ex­piry of his con­tract on March 31 this year.

Act­ing CEO Robert Na­son is helm­ing the com­pany un­til a new suc­ces­sor is an­nounced.

At Astro Malaysia Hold­ings Bhd, CEO Datuk Ro­hana Rozhan is sched­uled to leave by end-Jan­uary, but will re­main on board as a non-ex­ec­u­tive di­rec­tor.

She an­nounced that she was re­sign­ing to pur­sue other goals, af­ter serv­ing the com­pany for eight years.

Astro chief con­tent and con­sumer of­fi­cer Henry Tan will suc­ceed Ro­hana.

The com­pany that is in the spot­light now is Bumi Ar­mada Bhd, which saw a change at the helm two years ago.

On a year-to-date ba­sis, Bumi Ar­mada’s share price has dropped 79% to a low of 16 sen.

The oil and gas ser­vices provider posted net losses of RM502.82mil in the third quar­ter due to non-cash im­pair­ments to­tal­ing RM563.5mil.

This was the se­cond round of im­pair­ment charges in fi­nan­cial year 2018.

Leon An­dre Har­land has been the CEO of Bumi Ar­mada since May 2016, hav­ing taken over from Has­san Basma af­ter his 10-year ten­ure which ended in Jan­uary 2015.

Has­san Bas­mal left for per­sonal rea­sons, and is be­lieved to be still in the oil and gas in­dus­try but based in Sin­ga­pore.

It is no­table that Bumi Ar­mada pared down its net loss of RM1.97bil in FY16 to a net profit of RM352.25mil in FY17.

In 2015 to 2016, Bumi Ar­mada in­creased its cap­i­tal ex­pen­di­ture as the com­pany em­barked on a strat­egy to fo­cus on float­ing pro­duc­tion, stor­age and of­fload­ing as op­posed to off­shore sup­port ves­sels ear­lier.

An an­a­lyst says: “Com­pared with Has­san, Har­land’s dis­clo­sures are not com­ing as fast as we would like to see. Nev­er­the­less, the man­age­ment has guided that part of its strat­egy is to dis­pose of some of its as­sets.

“With the two im­pair­ments made this year, any ad­di­tional im­pair­ments will come as a sur­prise to us.”

At Maxis, Lun­dal is leav­ing the com­pany af­ter four years of ser­vice.

Dur­ing Lun­dal’s ten­ure as CEO, he grew Maxis’ net profit from RM1.77bil in FY13 to RM2.19bil in FY17, be­ing the lat­est full set of fi­nan­cial re­sults avail­able.

Lun­dal was with Digi from 2004 to 2008, dur­ing which he grew the telco’s sub­scriber share by five per­cent­age points and rev­enue share by eight per­cent­age points.

As for Tan who is tak­ing over at the helm of Astro, he is a sea­soned hand and knowl­edge­able about the busi­ness.

Po­ten­tial con­tracts: UOB Kay Hian Re­search likes Yin­son’s long-term po­ten­tial, be­ing a ma­jor ben­e­fi­ciary of FPSO bids glob­ally.

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