Journey to Wealth
MRCB - Razeek to leave MRCB
- Malaysian Resources Corporation Bhd (MRCB) announced yesterday that its Chief Executive Officer (CEO), Datuk Mohamed Razeek, has tendered his resignation to join another company.
- However, neither was a successor named nor was it made known whether the new CEO would come from an internal promotion or be hired externally.
- Recall that Razeek joined MRCB in 2009 as the COO and was later appointed as CEO within a few months. Razeek started his career in an engineering consulting firm in London.
- He later joined Land & General, Eastern & Oriental Property Development Bhd and Damac Properties Co, Dubai.
- During his tenure, MRCB's FY2010 revenue crossed the RM1bil mark for the first time since its inception whereby net earnings also nearly doubled YoY to RM67mil with property EBIT doubling to RM49mil.
- Although MRCB missed its KPI for FY2011 ' mostly due to drag in construction earnings ' property earnings continued to perform strongly with earnings growing by about 3x.
- Considering that Razeek is known as a property man, his departure from the company is certainly a setback given that MRCB is expected to be involved in several major redevelopment projects in the Klang Valley ' namely the redevelopment of the RRI Land and the Unilever land in Bangsar.
- Although MRCB does not have a significant track record in developing townships, we expect the company to tie up with an established township player for the RRI Land development.
- We reaffirm our HOLD rating on MRCB.
Source: AmeSecurities
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4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Jake
Govt wont allow MRCB to fail...
2012-07-26 17:08