EVENING 5: MAHB group CEO to step down

The Edge TV

In today’s edition of Evening 5 — MAHB group CEO Datuk Seri Iskandar Mizal Mahmood is stepping down as his two-year contract ends. Meanwhile, Top Glove Corp posts its largest quarterly net loss, dragged by RM389 million in impairment.

Transcript

00:00 Malaysia Airport Holdings or MAHB has announced that its MDN Group CEO, Datuk Sri Iskandar

00:10 Misal Mahmud, will be stepping down from his role upon the expiration of his two-year contract

00:16 on October 24.

00:18 This confirms The Edge's report in June this year.

00:21 Iskandar first took up the position in October 2021.

00:25 The Edge had reported speculation on the changing of guard in MAHB as Iskandar's contract was

00:31 about to expire this month.

00:33 Meanwhile, the airport's operator said it has appointed its Group CFO, Mohamed Rustam

00:38 Shahroom, as its acting Group CEO.

00:41 Mohamed Rustam joined MAHB on January 1, 2020.

00:46 Prior to MAHB, he was CFO at UAM Sunrise.

00:50 He joined UAM Group as the Director, Group MD's office, and then assumed the role of

00:55 Director, MD CEO's office at UAM Sunrise.

00:59 Shares in MAHB closed 1.23% slower to RM7.20, giving it a market capitalization of RM12.01 billion.

01:09 TopGlove Corp posted its largest quarterly net loss for the fourth quarter of FY2023,

01:20 mainly due to impairment, totaling RM389 million.

01:24 The world's largest glove maker booked a net loss of RM463.15 million against a loss

01:30 of RM62.99 million in the fourth quarter of FY2022.

01:35 TopGlove told Bursa Malaysia that excluding the impairment, its loss after tax would narrow

01:40 to RM65 million.

01:42 The company has been in the red for five straight quarters.

01:45 Meanwhile, revenue for the fourth quarter of FY2023 halved to RM475.87 million.

01:53 For the full year, the group posted a net loss of RM926.64 million, marking its first

01:59 annual loss on revenue of RM2.26 billion.

02:03 In a statement, TopGlove Managing Director Lim Cheong Wan said the sector's mid- to

02:08 long-term prospects remain promising.

02:10 Still, he noted that the high cost of heat energy from natural gas is rendering Malaysian

02:15 rubber glove manufacturers less competitive than rivals in countries which have lower

02:20 energy costs.

02:21 TopGlove shares slipped 3.8% to RM0.755, valuing it at RM6.2 billion.

02:29 Local sundry goods merchants are lamenting Putrajaya's decision to expedite the tabling

02:39 of the revised Control of Smoking Products for Public Health Bill 2023 next Tuesday,

02:45 saying that such a move was uncalled for.

02:47 The decision was announced by Health Minister Dr Zalihah Mustafa in a statement yesterday.

02:53 Federation of Sundry Goods Merchants' Association of Malaysia President Hong Chi Meng said their

02:58 main concern is how the generational endgame policy will be implemented.

03:03 He said this was never discussed with retail players.

03:06 And merchants are now in the dark as to whether retailers will be asked to check the IC of

03:11 each adult born after 2007 in the future, or if there will be a digital application

03:16 like the MySujatra app that smokers must use each time they buy cigarettes or vape products.

03:23 Hong also said the association is concerned that the unclear implementation rules will

03:28 lead to members being fined heavily over unintentional breaches of the law.

03:38 Ex-Goldman Sachs banker Roger Ng will be returned to Malaysia, where he faces charges related

03:44 to his role in the plundering of 1MDB.

03:47 According to a Reuters report, a Brooklyn court ordered his surrender to the US Marshals

03:52 Service by Friday so he could be turned over to Malaysian law enforcement who would transport

03:58 him back to the country.

03:59 Ng is facing 10 years in prison after being convicted in New York on related charges and

04:05 will be required to begin his prison term upon returning to the US.

04:10 Last month, Singapore's central bank banned Ng for life, saying his severe misconduct

04:15 made it contrary to public interest to allow him to carry on business as a representative.

04:22 The case stemmed from about US$6.5 billion in bonds that Goldman helped 1MDB sell in

04:28 2012 and 2013.

04:30 US prosecutors said officials, bankers and their associates embezzled about $4.5 billion

04:36 of that sum.

04:37 The Kuala Lumpur High Court found that Bank Rakyat's former chairman Tan Sri Abdul Aziz

04:47 Zainal and its ex-MD, Datuk Mustafa Abdul Razak, had failed to act in its best interest

04:53 and had breached their fiduciary duties with regard to a sponsorship of a book about Datuk

04:58 Sri Najib Razak in 2016.

05:01 Bank Rakyat had taken the duo, bank publisher Zillery Global and its director, Muhammad

05:06 Ghazali Abdul Majid, and lawyer Nor Alira Romley to court over a RM15 million sponsorship

05:13 to publish the book, Antara Dua Zaman Najib Tun Razak, Mendepani Cabaran dan Menggalas

05:18 Sejuta Harapan.

05:20 High Court Judge Datuk Muhammad Arif Imran Arifin ruled in favour of Bank Rakyat, noting

05:25 among others that there was no credible evidence that the book was even printed in the first

05:30 place.

05:31 He found the defendants jointly and/or individually liable to Bank Rakyat for RM15 million and

05:37 ordered Zillery, Muhammad Ghazali and Nor Alira to jointly or severally pay the bank

05:43 an additional RM1 million for being party to a conspiracy.

05:47 He also ordered costs of RM20,000 to be paid by each defendant.

05:52 [Music]

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