KUALA LUMPUR (Jan 15): MSM Malaysia Holdings Bhd has announced a further extension of the garden leave for its chief financial officer (CFO) Dr Mazatul 'Aini Shahar Abdul Malek Shahar, by another one month.

This marks the second extension for Mazatul’s garden leave, which was initially set from Oct 20 to Dec 15, 2023, first prolonged to Jan 15, 2024, and now extended to Feb 15, 2024, or until the board provides further notice, according to the sugar refiner’s disclosure to the stock exchange.

MSM assured that its business operations would continue as usual, with any material developments on this matter prompting further announcements.

Mazatul assumed the role of the group’s CFO back on Dec 1, 2022. Before this position, Mazatul was an independent non-executive director at 7-Eleven Malaysia Holdings Bhd and TH Heavy Engineering Bhd, serving as an audit committee member for both companies.

Additionally, she was an independent non-executive director of IJN Holdings Sdn Bhd.

According to a bourse filing on Nov 3, 2023, MSM said that the decision to place Mazatul on temporary leave was essential to facilitate an ongoing internal investigation.

Shares in MSM closed two sen or 1.13% lower at RM1.75 on Monday, resulting in the group having a market capitalisation of RM1.23 billion.