Loss-making MSM appoints new CFO

Loss-making MSM appoints new CFO
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KUALA LUMPUR (Dec 1): MSM Malaysia Holdings Bhd has on Thursday (Dec 1) announced the appointment of Dr Mazatul ‘Aini Shahar Abdul Malek Shahar as the company’s new chief financial officer (CFO), replacing Ab Aziz Ismail.

Ab Aziz, 55, has held the CFO position since June 2019, after he served as deputy CFO for a month from April 2019.

Prior to holding the CFO position at MSM, Mazatul ‘Aini, 50, was an independent non-executive director at 7-Eleven Malaysia Holdings Bhd and TH Heavy Engineering Bhd, and an audit committee member for both companies.

Currently, she is an independent non-executive director of IJN Holdings Sdn Bhd, said MSM.

“Dr Aini has 26 years of hands-on experience in Islamic banking and finance, fundraising, transformation management, corporate finance and advisory works,” the sugar refiner said in a Bursa Malaysia filing.

“She was with Aseambankers Malaysia Bhd, Bank Pembangunan Malaysia Bhd and Bank Muamalat Malaysia Bhd. She began her career with Arthur Anderson & Co in 1995 after graduating from the University of Nottingham, United Kingdom,” the group added.

Mazatul ‘Aini was previously the group CFO of Proton Holdings Bhd prior to the national automaker’s merger with Zhejiang Geely Group. She was also the CFO of Nationwide Express Courier Services Bhd.

MSM added that Mazatul ‘Aini also became a financial consultant to Prokhas Sdn Bhd and Malaysia Institute of Accountants, where she was the editor of the first Islamic Finance Accounting textbook.

“Dr Aini is a fellow of the Institute of Chartered Accountants in England and Wales and obtained her PhD in Political Economy & Islamic Banking from a London University,” the group said.

MSM enjoys a commanding 60% market share of the local sugar refining business, but the company has suffered losses in three out of the past five financial years.

On Nov 21, MSM reported a net loss of RM72.8 million for the third quarter ended Sept 30, 2022 (3QFY2022), which made it the fourth straight loss-making quarter.

For the cumulative nine-month period (9MFY2022), MSM recorded a net loss of RM134.55 million on revenue of RM1.89 billion.

As at end-September, the company had deposits with banks amounting to RM293.66 million and cash and bank balances of RM15.69 million.

MSM’s short-term borrowings were RM617.63 million and its long-term debt commitments were pegged at RM316.28 million.

At the time of writing, MSM shares were trading unchanged at 84 sen, translating into a market capitalisation of RM586.99 million.

Read also:
MSM’s many challenges
MSM Malaysia slips into the red for fourth straight quarter on high input costs

Kamarul Azhar