IGB Bhd has appointed Tan Boon Lee as group chief executive officer (CEO), succeeding Datuk Seri Robert Tan Chung Meng effective Jan 1, 2023.
Robert will remain with IGB in the role of non-independent non-executive director to facilitate the change in leadership during the transition.
Boon Lee, who is currently the deputy group CEO, holds a Bachelor of Economics from Monash University, Australia, and a Master in Business Administration from Cranfield School of Management, United Kingdom.
Boustead chairman Datuk Seri Mohd Redzuan Md Yusof said: “The board has agreed to appoint Izaddeen, who has huge experience and an excellent track record in the corporate sector.“
“He has the board’s full support to lead the group in strengthening the existing core businesses and developing new ventures that will further increase the shareholder value and take Boustead to new heights,” he said.
Izaddeen holds a Bachelor of Science (Hons) in Accounting and Law from De Monfort University, Leicester, the UK.
Boustead Holdings Bhd has appointed Izaddeen Daud as group chief executive officer effective Dec 1, 2022, succeeding Datuk Seri Mohamed Shazalli Ramly.
Shazalli, who was appointed on Dec 1, 2020, has completed his tenure after two years of service.
In a statement, Boustead said Izaddeen’s appointment was in line with the Boustead Group’s Senior Leadership Succession Programme. Prior to his appointment, Izaddeen, 54, was Boustead’s deputy group managing director
After experiencing a low order volume in the third quarter, Malaysia’s domestic sales volume and prices have shown a slight recovery at the beginning of the fourth quarter mainly due to the ringgit’s depreciation, the high import cost and the improvement in labour supply
As of Sept 30, its Indonesian business operations achieved an eight per cent revenue growth. Overall, the group targets to close the financial year ending 2022 with a 15 per cent growth.
On the local front, the group's focus is to leverage the private market as its business portfolio has registered remarkable revenue growth, rising by 57 per cent quarter-on-quarter and 55 per cent year-on-year.
"We expect to record more than RM120 million of revenue with an approximate 60 per cent growth from the private sector by year end,” the filing said.
"Furthermore, the group reported lower sales from its concession segment due to the timing of orders from the Health Ministry. Nevertheless, the decrease in revenue was partially offset by the higher revenue from other segments including non-concession and Indonesia businesses,” the company said in a filing with Bursa Malaysia today.
Going forward, Pharmaniaga said the group’s Indonesia business continues to be its main growth driver as it performs impressively, propelled by enhanced operational efficiency and digitalisation with an ongoing stock optimisation exercise, aggressive collection efforts as well as increasing product portfolio.
For the medium term, the ongoing Russia and Ukraine conflict will still be a factor and palm oil supply growth will likely plateau next year.
“We forecast that price will likely remain between RM3,900 per tonne and RM4,300 per tonne until March 2023,” she said during her presentation at the Palm Oil Internet Seminar yesterday.
In terms of palm oil stocks, she said the Malaysian palm oil stocks had been on a declining trend from December 2021 to April 2022 resulting in higher prices recorded as stock levels have an inverse relationship to price. However, since May 2022, stock levels have been rising and prices have declined.
Malaysian Palm Oil Council (MPOC) chief executive officer Wan Aishah Wan Hamid said the higher demand for palm oil, volatility of Brent crude oil prices, and geopolitical tensions remain factors in determining price direction.
Oil prices picked up on Friday after a milder than expected U.S. inflation data reinforced hopes that the Federal Reserve will slow down rate hikes, boosting chances of a soft landing for the world's biggest economy.
Prices were still set to show a decline for the week after COVID-19 cases in top oil importer China jumped, raising fears of weaker fuel demand.
Brent crude futures rose 21 cents, or 0.2%, to $93.88 a barrel at 0500 GMT, extending a 1.1% rise in the previous session.
U.S. West Texas Intermediate (WTI) crude futures gained 22 cents, or 0.3%, to $86.69 a barrel, after climbing 0.8% in the previous session.
Looking ahead into 2QFY21, we highlight that TOPGLOV’s ASP in 2QFY21 is expected to jump by 30% QoQ, with higher volumes (+10% from new capacities) and product mix skewed towards higher margin nitrile gloves," it said.
Raised FY21E net profit by 40% after hiking our ASP from USD55/1,000 pieces to USD70/1,000 pieces and assuming 80% utilisation or 75b pieces volume sales (taking into account of the temporary production loss in Klang factories).
Dnex went into the business of wafer fabs following its purchase of Malaysian semiconductor manufacturer Silterra in July last year.
It also acquired an additional 60% in Ping Petroleum in 2021.
“In the medium term, Dnex’s growth will also be underpinned with its new Avalon greenfield, up and coming in mid-2025 (FY26), which would potentially quadruple Ping Petroleum’s current output, and its recent memorandum of understanding with Foxconn to develop a new 12-inch wafer fab to support its electric vehicle ventures.
For its fourth quarter ended June 30, 2022 (4Q22), Dnex recorded a net profit of RM160.59mil on a revenue of RM430.29mil, mainly supported by a robust contribution from its technology and energy segments.
However, once glove stocks deplete, and restocking activity resumes, the market will stabilise and be better positioned to absorb the additional supply from new capacity,” says Lim, who was redesignated as the group’s managing director (previously executive director) effective since Aug 1, 2022.