Astro Malaysia Holdings Bhd CFO Shafiq Abdul Jabbar is set to leave the pay-TV provider to assume the same post at AMMB Holdings Bhd. (Photo by Sam Fong/The Edge)

KUALA LUMPUR (Dec 19): Shafiq Abdul Jabbar is set to leave as group chief financial officer (CFO) of pay-TV provider Astro Malaysia Holdings Bhd to assume the same post at AMMB Holdings Bhd, effective Feb 15, 2024.

Shafiq will take over AMMB’s CFO post from incumbent Jamie Ling Fou-Tsong, who was appointed to succeed Datuk Sulaiman Mohd Tahir as the bank’s chief executive officer last month, according to AMMB's filing on Tuesday (Dec 19).

Ling is to step down from the bank's CFO post for Shafiq's appointment, effective Feb 15..

Hence, Shafiq will step down Astro's CFO — a position he has held for nearly seven years — on Jan 1. Before his time at Astro, Shafiq had served as group and financial controller and Malaysian CFO at CIMB Group Holdings Bhd.

Astro’s group chief operating officer (COO) Dr Grace Lee Hwee Leng will take over the post he vacates.

Lee rejoined Astro as COO in August after serving as CFO at AEON Co (M) Bhd for one year and nine months.

“Before joining AEON, she had served Astro from 2002 until 2021 and held several roles which included head of process improvement, group financial controller, chief risk officer, chief executive officer of Go Shop and group transformation officer,” the group said in a filing.

Astro’s home shopping business Go Shop shuttered after eight years in operation on Oct 11 on the back of changing consumer shopping behaviour post-pandemic.

The business was operated under Astro GS Shop Sdn Bhd (AGSS), a 60:40 joint venture between Astro and Korean partner GS Retail Co Ltd.

Shares in AMMB ended one sen or 0.25% higher at RM4.07, valuing the bank at RM13.49 billion. Astro shares closed one sen or 2.63% higher at 39 sen, giving the pay-TV provider a market capitalisation of RM2.04 billion.