KUALA LUMPUR (Aug 12): MSM Malaysia's Holdings Bhd (KL:MSM), a 51%-owned unit of FGV Holdings Bhd (KL:FGV), has appointed Nur Izwan Mohd Nawawi to take on the role of interim chief financial officer (CFO), effective Aug 12, after the resignation of Mazatul ‘Aini Shahar Abdul Malek Shahar.

In a filing to Bursa Malaysia, the sugar refiners said that Nur Izwan is appointed as the officer-in-charge on an interim basis, “until the board identifies a suitable candidate for the CFO position”, said MSM.

In the meantime, Nur Izwan, who holds an accounting degree from the International Islamic University Malaysia (IIUM), will assume the responsibilities and authority of the CFO.

According to MSM, Nur Izwan has 22 years of experience in accounting and finance. He is also a member of the Malaysian Institute of Certified Public Accountants (MICPA) and the Malaysian Institute of Accountants (MIA).

In a separate filing, MSM said that Mazatul, 52, is leaving the company to take on a position as CFO at a “financial institution”.

Mazatul has held the CFO role for nearly two years after she was appointed on Dec 1, 2022. At the end of last year, her name was in the spotlight after MSM placed her on garden leave for more than three months since Oct 20 last year until Feb 1 this year, to facilitate an ongoing internal investigation.

Also, on Monday, MSM saw its trading volume surge to the highest in nearly seven months, following news that Threadstone Capital Sdn Bhd is looking to invest in its sugar refinery unit.

Shares of MSM climbed as much as 21% or 15 sen to RM2.01, its highest since July 31 in the early trade, before the uptrend trend was short-lived. The sugar refiner ended the day up barely 0.6% or one sen at RM1.66, giving the company a market capitalisation of RM1.17 billion.

Trading volume totalled 20.62 million shares, the most since Jan 26, 2024, and more than 11 times the average in the past two months.