Imran takes over from his father as MRCB group MD

PETALING JAYA: Malaysian Resources Corp Bhd’s (MRCB) executive director Mohd Imran Mohamad Salim will replace his father as group managing director effective July 2.

Salim owns a 16.6% stake in MRCB, the second largest shareholder after Employees Provident Fund with 35.32%. Lembaga Tabung Haji holds the largest number of shares after Salim, with a 6.97% interest.

The group said in a statement today that Imran, 36, will be re-designated as group managing director upon Tan Sri Mohamad Salim Fateh Din’s retirement. The leadership transition coincides with MRCB’s corporate transformation plan.

Mohamad Salim was appointed group managing director in 2013 after MRCB acquired five companies controlled by Gapurna Sdn Bhd, 60%-owned by Mohamad Salim, for RM469 million which was settled via cash and issuance of new shares.

The group credited Mohamad Salim with promoting entrepreneurial leadership and a work culture to rejuvenate MRCB, that led to a substantial increase in its land bank and construction order book, and reduction in net gearing ratio from 1.73 times in 2013 to 0.53 times in 2017.

The restructuring of MRCB will also see Tan Sri Azlan Zainol, 68, re-designated from non-independent non-executive chairman to independent chairman effective July 2.

The departure of Mohamad Salim from the board will see it have four independent directors, namely Azlan, Jamaludin Zakaria, Hasman Yusri Yusoff and Janet Looi Lai Heng, who will outnumber the non-independent directors, Imran Salim, Datuk Shahril Ridza Ridzuan and Rohaya Mohammad Yusof.

MRCB’s share price closed unchanged today at 64.5 sen with a total of 4.27 million shares traded.