Chemical Company Malaysia names COO as new MD

Chemical Company of Malaysia names COO as new MD

10:35 AM, 29th December 2017
Chemical Company of Malaysia logo

KUALA LUMPUR, MALAYSIA: The board of directors of Chemical Company of Malaysia Berhad (CCMB) has named the group’s chief operating officer (COO) cum chief financial officer (CFO), Nik Fazila binti Nik Mohamed Shihabuddin as the new group managing director of CCMB.

Her appointment will take effect upon the completion of the demerger of CCM Duopharma Biotech Berhad (CCMD) from CCM. Nik Fazila, 51, succeeds Leonard Ariff bin Abdul Shatar who will continue to spearhead CCMD as its group managing director (GMD).

Nik Fazila joined CCMB in March 2012 as director, finance and was appointed Group COO cum CFO in May 2016.

“We are confident that Nik Fazila’s strong leadership qualities will help us to achieve our business goals and objectives, and further solidify CCMB’s position in the chemicals and polymers sectors,” said CCMB chairman, Y B Dato’ Hajah Normala binti Abdul Samad.

Apart from the appointment of the new group managing director, CCMB will see some changes to its board. Y B Dato’ Hajah Normala will remain as non-independent and non-executive chairman. Dato’ Seri Ir Dr Zaini bin Ujang will be re-designated to independent non-executive director from non-independent non-executive director. Khalid bin Sufat will remain as senior independent non-executive director while Dr Leong Chik Weng will maintain his position as independent non-executive director. Dato´ Azmi bin Mohd Ali and Datin Paduka Kartini binti Haji Abdul Manaf will continue to hold their positions as non-independent non-executive directors. Meanwhile, Tan Sri Siti Sa'diah binti Sh Bakir who is currently an independent non-executive director of CCMB will step down from the board and will continue to serve the board of CCM Duoharma Biotech Berhad. In addition, Datuk Nik Moustpha bin Haji Nik Hassan, who is an independent non-executive directors will step down from the board and will be appointed to the board of CCM Duopharma Biotech Berhad. These changes shall take effect upon the completion of the demerger. 

In August 2017, CCM announced two major corporate proposals, which include a de-gearing exercise involving the proposed sale of its three parcels of land in Shah Alam, a proposed private placement of up to 10 per cent of the issued share capital in CCMB which was completed on 13 October 2017, and the identification of other non-core assets to be divested. The proposals also include the demerger of CCMD from CCM via a proposed distribution of its entire equity interest in CCMD. The placement exercise is expected to improve CCMB’s earnings and in turn, enhance shareholders’ value as the partial repayment of RM35 million bank borrowings is set to result in interest savings of approximately RM1.7 million per annum.

The proceeds from the placement exercise will also be utilised for various capital expenditure projects identified for CCMB’s Chemicals and Polymers businesses.

© Worldofchemicals News

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