PETALING JAYA: Malaysian Resources Corporation Bhd's Group Managing Director Tan Sri Mohamed Salim Fateh Din, will retire on July 2, 2018 to make way for his son Mohd Imran Mohamad Salim to takeover helm of the group.
The stock was up half a sen at 65 sen with some 2.3 million shares changing hands, at the end of morning trade.
Mohd Imran, an executive director of the group will be re-designated as group managing director, according to a filing with Bursa Malaysia Securities earlier.
Following the change in management, MRCB also announced a change in board composition which will see independent directors form a majority of the board.
Presently, five out of the group's eight directors are non-independent directors, and only three are independent directors.
MRCB today announced that its board will, come July 2, consist of four independent directors, namely chairman Tan Sri Azlan Zainol, Jamaludin Zakaria, Hasman Yusri Yusoff and To’ Puan Janet Looi Lai Heng.
Three other non-independent directors are Datuk Shahril Ridza Ridzuan, Rohaya Mohammad Yusof and Mohd Imran.