• last year
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.

Category

🗞
News
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]

Recommended