DNEX redesignates Azhar as acting group MD

PETALING JAYA: Dagang Nexchange Bhd (DNEX) has named Mohd Azhar Mohd Yusof as its acting group managing director with immediate effect, following a redesignation exercise.

In its filings with Bursa Malaysia yesterday, the digital solutions provider for the trade facilitation and energy sectors said Azhar has been redesignated from executive director to acting group managing director, while the board continued to seek a suitable successor to drive the business in response to the changing business conditions and the need for fresh new ideas.

“Azhar has over 20 years of experience in the field of capital markets and corporate finance where he was involved in fundraising exercise via equity and debt capital market, debt recovery, corporate restructuring and turn-around, valuation, financial modelling, financial due diligence and merger and acquisitions,” DNEX.

Earlier yesterday at the company’s AGM, Azhar was re-elected to the position of executive director. Two other directors, who was up for re-election, namely Rosli Abdullah and Zainal Abidin Jalil had also been reappointed to their respective positions in DNEX’S board.

However, Datuk Samsul Husin has been dropped as deputy executive chairman after he failed in his re-election bid at the company’s AGM yesterday.

DNEX’S filings revealed that shareholders holding 79.6% of voting shares had rejected Samsul’s re-election to the company’s board of directors.

Samsul, 57, had been executive deputy chairman at Dnex since Dec 16, 2013.

Trading in the DNEX’S shares was temporarily halted for an hour from 2.53pm yesterday. Upon resumption of trading, the counter ended half a sen higher at 18 sen.

The company saw its net profit fall 48% to Rm6.2mil in the first quarter ended March 31, 2020, from Rm11.9mil in the corresponding quarter last year, and its earnings per share slid to 0.35 sen from 0.68 sen.

The lower earnings were attributable to lower share of the results of an associate; lower recognition of other income; and completion of submarine cable installation and repair contract in Indonesia in 2019.

During the quarter in review, its revenue fell 7.7% to Rm63.7mil from Rm69mil in the previous corresponding quarter on lower contribution from the information technology segment.