Highlights

AmInvest Research Reports

Author: AmInvest   |   Latest post: Fri, 23 Oct 2020, 4:39 PM

 

MSM Malaysia - CEO on Leave of Absence

Author:   |    Publish date:


  • MSM Malaysia announced that its group CEO (GCEO) Datuk Khairil Anuar Aziz has been requested to explain certain irregularities relating to inventories of MSM Sugar Refinery (Johor).
  • Khairil has been given seven days from yesterday to respond to the matter and has been placed on leave of absence until further notice from the board of directors.
  • MSM’s board of directors has appointed Fakhrunniam Othman as the officer-in-charge to perform the functions of the MSM GCEO.
  • Fakhrunniam is currently the group investment officer of FGV Holdings Bhd.
  • MSM Sugar Refinery (Johor) is currently in the red as there are not enough off-takers. Average utilisation rate of the Johor refinery was 23% in 1HFY20 vs. 19% in 1HFY19.
  • Currently, the Johor refinery is operating at utilization rates of 26% to 30% vs. the breakeven rate of 50% to 60%. The Johor refinery has an installed production capacity of one million tonnes per year. This is the same as MSM Prai’s production capacity.
  • MSM has had a series of changes in its management team in the past couple of years.
  • Khairil was appointed as MSM’s CEO in April 2019.
  • In June 2020, Datuk Syed Hisham was appointed as MSM’s chairman.
  • Datuk Wira Azhar Abdul Hamid resigned as MSM’s chairman with effect from 31 May 2020 as part of the agreement to resolve FGV’s directors’ fees issue.
  • MSM had an acting CEO, Shaffie Said, in January 2018 after Datuk Mohamad Amri left his position as CEO.
  • Amri had claimed that he was constructively dismissed. MSM denied his claim and had requested for him to return to work on 22 January 2018.
  • Currently, we have a HOLD on MSM with a fair value of RM0.58/share.

Source: AmInvest Research - 9 Sept 2020

Share this
Labels: MSM

Related Stocks

Chart Stock Name Last Change Volume 
MSM 0.485 -0.04 (7.62%) 1,780,600 

  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Stock Screener using Technical and Fundamental criteria
MQ Affiliate
Join the MQ Affiliate Program today to earn rewards
 
 

214  861  482  609 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 KGROUP-OR 0.005-0.005 
 MLAB 0.02-0.005 
 AT 0.080.00 
 LAMBO 0.030.00 
 IRIS 0.265-0.04 
 LUSTER 0.175-0.015 
 DGSB 0.20+0.015 
 DAYA 0.015+0.005 
 MAHSING 1.04-0.10 
 DSONIC-WA 0.23-0.03 

FEATURED POSTS

1. The Equity Market Index Benchmark in Malaysia CMS
2. Trading Scenarios of Derivatives Bursa Derivatives Education Series
3. Derivatives 101 Bursa Derivatives Education Series
4. Why Trade FKLI? Bursa Derivatives Education Series
5. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!
PARTNERS & BROKERS