Retired chief justice Richard Malanjum now chairman of Berjaya Land FMT Reporters -December 10, 2019 12:10 AM
Richard Malanjum was Chief Justice of Malaysia from July 2018 to April 2019.
PETALING JAYA: Former chief justice Richard Malanjum has been made chairman of the board of directors of Berjaya Land Bhd, according to a filing with the stock exchange.
The company said Malanjum, 67, was appointed to the group’s board, following the retirement of Razman Md Hashim Che Din, who is 80, after serving as group chairman since 2007.
As Chief Justice from July 2018 to April 13 this year, Malanjun was head of the judiciary and was the first East Malaysian to hold the highest judicial office.
Since retirement, Malanjum has gone into practice as a legal consultant.
Berjaya Land said he was being appointed as the independent and non-executive chairman, as well as chairman of the company’s remuneration and nomination committees, and as a member of the group’s audit and risk committees, the Edge Markets reported.
Berjaya Land wins development project in Myanmar | Money ... https://www.malaymail.com › news › money › 2019/09/03 › berjaya-land-... Sep 3, 2019 - KUALA LUMPUR, Sept 3 — Berjaya Land Bhd has won a contract for a proposed development project in Yangon, Myanmar, which has an ...
VT is cunning , bought cheaply from retailers in the open market and then suddenly sold the shares to resolve the shareholdings spread issue. retailers were impatient, no dividend for many years :)
Shareholding Changes Date of change Shares Director/ Substantial Shareholder 29 Nov 2019 Disposed 30,000,000 TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 29 Nov 2019 Disposed 30,000,000 JUARA SEJATI SDN BHD 29 Nov 2019 Disposed 30,000,000 BERJAYA GROUP BERHAD 29 Nov 2019 Disposed 30,000,000 BERJAYA CORPORATION BERHAD 04 Oct 2019 Acquired 1,132,000 TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 03 Oct 2019 Acquired 1,100,000 TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 02 Oct 2019 Acquired 600,000 TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 01 Oct 2019 Acquired 600,000 TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 30 Sep 2019 Acquired 600,000 TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 27 Sep 2019 Acquired 2,000,000 TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN
VT just buys in the open market at cheaper price and then sell at higher price, good money for VT :)
BERJAYA CORPORATION BERHAD 29-Nov-2019 Disposed 30,000,000 0.000 View Detail BERJAYA GROUP BERHAD 29-Nov-2019 Disposed 30,000,000 0.000 View Detail JUARA SEJATI SDN BHD 29-Nov-2019 Disposed 30,000,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 29-Nov-2019 Disposed 30,000,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 04-Oct-2019 Acquired 1,132,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 03-Oct-2019 Acquired 1,100,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 02-Oct-2019 Acquired 600,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 01-Oct-2019 Acquired 600,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 30-Sep-2019 Acquired 600,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 27-Sep-2019 Acquired 2,000,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 22-Aug-2019 Acquired 3,000,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 09-Aug-2019 Acquired 500,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 08-Aug-2019 Acquired 500,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 07-Aug-2019 Acquired 1,000,000 0.000 View Detail TAN SRI DATO’ SERI VINCENT TAN CHEE YIOUN 06-Aug-2019 Acquired 2,849,600 0.000 View Detail TAN SRI DATO’ SERI VINCENT TAN CHEE YIOUN 05-Aug-2019 Acquired 2,500,000 0.000 View Detail TAN SRI DATO' SERI VINCENT TAN CHEE YIOUN 02-Aug-2019 Acquired 10,000,000 0.000 View Detail BERJAYA CORPORATION BERHAD 25-Jun-2019 Acquired 64,319,850 0.000 View Detail
this guy might urge vt to reward MI :) takda justice for MI
KUALA LUMPUR (Dec 9): Former chief justice Tan Sri Richard Malanjum has been made the independent and non-executive chairman of Berjaya Land Bhd (BLand), effective today.
In a bourse filing, BLand said the 67-year-old was appointed to the group’s board, following the retirement of Tan Sri Razman Md Hashim Che Din Md Hashim, 80. Razman has served as the group’s chairman since Sept 3, 2007.
Malanjum, who was Chief Justice of Malaysia — the highest judicial officer in Malaysia from July 2018 to April 13, 2019 — was before that the Chief Judge of the High Court of Sabah and Sarawak cum Chief Justice of the Federal Court of Malaysia.
“Currently, he is practising as a Legal Consultant in a legal firm,” BLand said.
Malanjum is also taking over from Razman as the chairman of BLand’s remuneration and nomination committees, and as a member of the group’s audit and risk committees.
Shares of BLand closed 2.70% or half as sen higher at 19 sen, giving it a market capitalisation of RM950.06 million. The counter saw 781,900 shares traded.
Segmental information for the financial quarter ended 30 September 2019: REVENUE InterExternal segment Total RM'000 RM'000 RM'000 Toto betting operations and leasing of lottery equipment 830,051 - 830,051 Motor retailer 601,864 - 601,864 Property development and investment 27,390 2,374 29,764 Hotels and resorts 96,751 151 96,902 Clubs and others 19,869 3,181 23,050 Sub-total 1,575,925 5,706 1,581,631 Less: Inter-segment revenue - (5,706) (5,706) Total revenue 1,575,925 - 1,575,925 RESULTS RM'000 Toto betting operations and leasing of lottery equipment 110,905 Motor retailer 7,826 Property development and investment (17,631) Hotels and resorts 17,051 Clubs and others (2,155) 115,996 Unallocated corporate items (11,653) 104,343 Investment related income, net: - Interest income 23,221 - Fair value changes of investments at fair value through profit or loss ("FVTPL") (554) - Gain on disposal of subsidiary company and remeasurement loss on retained interest of former subsidiary company (net) 2,000 - Fair value gain on remeasurement of a former associated company prior to its reclassification to investment in a subsidiary company 1,017 - Gain on disposal of an investment property 8,578 - Dividend income 337 34,599 Share of results from associated companies (10,596) Share of results from joint ventures 165 Finance costs (46,993) Profit before tax 81,518 Taxation (43,764) Profit for the quarter 37,754
On 1 July 2019, Berjaya Philippines Inc. ("BPI") disposed of 1,000,000 ordinary shares, representing 20% equity interest, in its wholly-owned subsidiary, Philippine Gaming Management Corporation ("PGMC") for a consideration of Philippine Peso ("Php") 117.15 million (equivalent to approximately RM9.49 million). BPI in turn, is a subsidiary company of Berjaya Sports Toto Berhad ("BToto"). Subsequently on 3 July 2019, PGMC issued additional 5,000,000 ordinary shares with par value of Php100 each ("Share Subscription"). BPI waived its right to subscribe for the additional shares issued by PGMC. BPI's equity interest in PGMC was thus further diluted to 39.99% from 79.99%, and PGMC ceased as a subsidiary and became an associated company of BPI. (ii) The Company acquired the entire equity interest in Berjaya Engineering Construction Sdn Bhd, comprising 5.0 million ordinary shares for RM4.82 million. (iii) On 22 August 2019, Berjaya Leisure Capital (Cayman) Ltd ("BLCC"), a wholly-owned subsidiary of the Company, subscribed for its entitlement and the excess of rights shares cum free warrants, totalling 100,000,000 new ordinary shares and 33,333,333 free warrants in Informatics Education Ltd ("Informatics") for a total cash consideration of SGD5.0 million (equivalent to approximately RM15.305 million). Consequently, BLCC's equity interest in Informatics increased from 27.09% to 67.42%, thus making Informatics a subsidiary company of BLCC. (iv) The Group's equity interest in BToto has decreased to 40.05% following the disposal of 10.5 million BToto shares by the Group.
The main operating businesses of the Group are number forecast operation ("NFO") which includes toto betting operations and related activities, motor retailing and provision of aftersales services, property development and investment and the operations of hotels and resorts. The key factors (other than general economic conditions) affecting the performance of the main operating businesses in the Group are as follows: Toto betting operations and related activities (gaming) - disposable income of the general public, Jackpot cycles, luck factor, illegal gaming and the number of draws in the financial period. Motor retailing and provision of aftersales services - the trend in prestige and specialist cars predominantly in the London area of United Kingdom and the ultimate impact of Brexit. Property development and investment - demographic of population, location of the properties, costs of building materials and related services lending guidelines and interest rates of the financial institutions, rental rates, age and condition of investment properties and the quality of property management services. Operations of hotels and resorts - room rates, seasonal festive periods and school holidays, location of the hotels and resorts, tourism and currency exchange trends, energy/other supplies costs, quality of rooms/amenities/service.
Due to the change of financial year end, the Group's performance of the current quarter is not comparable against the comparative period. The summarised results of the Group are as follows: 3-Month Ended 3-Month Ended 30/09/2019 30/09/2018 +/(-) 30/09/2019 30/09/2018 +/(-) RM'000 RM'000 % RM'000 RM'000 % Revenue (4,664,725) N/A ##### 1,575,925 N/A N/A Profit from operations (333,128) N/A ##### 104,343 N/A N/A Profit before tax (462,565) N/A ##### 81,518 N/A N/A Review of Results For the Current Quarter Ended 30 September 2019 The Group registered a revenue of RM1.58 billion and pre-tax profit of RM81.52 million in the current quarter ended ended 30 September 2019. The revenue was substantially contributed from the gaming business segment operated by Sports Toto Malaysia Sdn Bhd, motor retailing business operated by H.R. Owen Ltd and the hotels and resorts business segment. The Group reported a pre-tax profit of RM81.52 million in the current quarter under review mainly contributed by the gaming business segment. The Group also recorded gain on disposal of investment properties amounting to RM8.57 million.
Review of Results of Current Quarter Vs 5th Period of the Preceding Financial Period 3-Month 2-Month Ended Ended 30/09/2019 30/06/2019 +/(-) RM'000 RM'000 % Revenue 1,575,925 1,080,119 46 Profit from operations 104,343 63,330 65 Profit before tax 81,518 2,179 3,641 For the current quarter ended 30 September 2019, the Group reported revenue of RM1.58 billion and pre-tax profit of RM81.52 million as compared to revenue of RM1.08 billion and pre-tax profit of RM2.18 million in the preceding 2-month period ended 30 June 2019. The higher pre-tax profit of the current quarter as compared to the preceding period was mainly due to the additional 1 month of operations reported during the current quarter. In the preceding 2-month period, the Group reported the unfavourable fair value changes of investment properties and impairment of gaming rights, goodwill and assets of disposal group.
Future Prospects The Directors expect the results of the number forecast operation ("NFO") business to be better with the improving net revenue per draw and to be able to maintain its market share for the remaining quarters of the financial year ending 30 June 2020. The performance of both hotels and resorts and property development business segments are expected to remain satisfactory.
Subsequently, on 28 April 2017, the Company announced that following the completion of the Proposed Disposal, GMOC has entered into a supplementary agreement with Beijing SkyOcean to adjust the total cash consideration pursuant to the Proposed Disposal from RMB2.08 billion to RMB2.039 billion, and accordingly revise the Final Instalment to RMB974.07 million as a result of part of the land being regained by Sanhe Land and Resource Bureau, reimbursement of theme park equipment and shared expenses relating to certain electrical works. SkyOcean Holdings Group Limited which holds 100% stake in Beijing SkyOcean, and its major shareholder, Mr. Zhou Zheng ("the Guarantors") shall guarantee the performance of the obligations by Beijing SkyOcean pursuant to the Contract. On 8 December 2017, the Company announced Beijing SkyOcean had not remitted the Final Instalment to GMOC by the appointed time. Hence, GMOC after seeking legal advice, had on 7 December 2017, issued a notice of demand to Beijing SkyOcean and the Guarantors to pay to GMOC the Final Instalment and accrued late payment interest within 3 days upon receipt of the said notice, failing which GMOC will take all relevant legal measures, including commencing legal proceeding in Hong Kong against Beijing SkyOcean and the Guarantors to protect and enforce GMOC's legitimate rights. On 19 January 2018, the Company announced that GMOC submitted a Notice of Arbitration to the Hong Kong International Arbitration Centre against Beijing SkyOcean and the Guarantors to seek recovery of the Final Instalment and accrued late payment interests as well as other reliefs. Further to the last quarterly report, the arbitral tribunal has since been constituted and the procedural timetable has been determined by the tribunal for pre-trial preparations, including closing of pleadings, discovery of documents and exchange of witness statements, etc. The arbitration hearing which was originally scheduled to take place in the week of 14 October 2019 has been postponed to the week of 16 December 2019.
On 3 September 2019, the Company announced that it had on 30 August 2019, received a Certificate of Award from the Yangon Region Government for the proposed development of a public housing and mixed development project on a land measuring approximately 183 acres located along Myanandar Road and Shweli Road, Dagon Seikkan Township, Yangon Region, Myanmar (“Proposed Development”). The Proposed Development comprises 14 parcels of mixed development including inter alia affordable housing, mid to high end condominiums, shop houses, retail spaces, the farmer’s market, community hall, schools and infrastructure to be built over 3 phases. Based on the preliminary plan of the Proposed Development, the estimated gross development value is about USD624.00 million (equivalent to approximately RM2.63 billion).
On 15 July 2019, the Company announced that its wholly-owned Irish incorporated subsidiary, Berjaya Property Ireland Limited ("BPIL") has on 13 July 2019 in Reykjavik, Iceland entered into a Share Purchase Agreement (“SPA”) with Icelandair Group hf. (“Seller”) for the proposed acquisition of 75% stake in Icelandair Hotels ehf, which will acquire 100% of Hljomalindarreitur ehf and certain hotels and real estate assets in Iceland ("New Icelandair Hotels Group") for a total cash consideration of approximately USD53.63 million (or about RM222.03 million). Besides the SPA, BPIL also entered into a Shareholders Agreement and a Put and Call Option Agreement with the Seller. The remaining 25% stake in the New Icelandair Hotels Group which will continue to be owned by the Seller will be subject to the Put and Call Option Agreement, whereby upon the exercise of the put or call option, BPIL will eventually own 100% stake in the New Icelandair Hotels Group
JDC Lawsuit In July 2018, BJR made an application to the court in the JDC Lawsuit to conduct a second supplementary land price appraisal report, as BJR was dissatisfied with the first supplementary land appraisal report which was based on disputable land reference. The court in the JDC Lawsuit granted BJR's application to conduct a second supplementary appraisal, to be undertaken by a different appraiser. The second supplementary land price appraisal report has been completed and a preparatory hearing was held on 20 June 2019. The presiding judge closed the preparatory proceedings for pleading and stated that the formal hearing will commence on 25 July 2019. At the formal hearing held on 25 July 2019, the presiding judge requested BJR to submit evidentiary evidence with respect to the total claims by BJR and fixed 19 September 2019 as the next hearing date. On 19 September 2019, the presiding judge fixed 31 October 2019 as the final hearing before the court decides on the JDC Lawsuit. The final hearing was subsequently re-set to 25 November 2019.
BCity Project Legal Proceedings The 1st and 5th Respondents have also applied to stay the ongoing proceedings in the Shah Alam High Court and the execution of the Shah Alam High Court judgement in the judicial review proceedings (“Stay of Proceedings Application”). The Applicants have applied to the Shah Alam High Court for an extension of time to submit the proposal papers to the the first and fifth respondents ("Extension of Time Application"). In addition, the Applicants have also filed an application for assessment of compensation pursuant to the aforesaid Shah Alam High Court judgement ("Assessment Proceedings"). The Court of Appeal has granted a stay of execution of the Shah Alam High Court judgement and the Assessment
Proceedings pending the disposal of the main appeal at the Court of Appeal. The hearing of the Selangor State Government’s appeal at the Court of Appeal which was previously fixed on 24 October 2019 has been vacated by the Court of Appeal. The Court of Appeal instead heard a motion by the Selangor State Government to adduce further evidence in this matter on 22 November 2019. The Court of Appeal has fixed 25 November 2019 as case management date to fix the hearing of the main appeal by the Selangor State Government.
On 4 June 2018, the Company announced that BLCL had entered into a Capital Transfer Agreement for the proposed disposal by BLCL of the entire resultant 32.5% of the capital contribution in Berjaya Vietnam Financial Center Limited (“BVFC”) to Vinhomes Joint Stock Company (“Vinhomes”) and Can Gio Tourist City Corporation for a cash consideration of VND884.93 billion (equivalent to approximately RM154.86 million) (“Proposed BVFC Disposal"). The Proposed BVFC Disposal is pending completion. Initially, BLCL’s capital contribution of VND967.31 billion comprised and represented 100% of the charter capital of BVFC. However, following the conditions imposed by the Vietnamese authorities, BVFC was required to increase its charter capital and Vinhomes had in March 2018 injected fresh capital contribution amounting to VND2,008.69 billion (equivalent to approximately RM352 million) into BVFC to fulfill the above requirement which accordingly resulted in a dilution of BLCL's holding in the charter capital of BVFC to 32.5%. In conjunction with the Proposed BVFC Disposal, Vinhomes and its affiliates are also being considered as potential purchasers of Berjaya Vietnam International University Town One Member Limited Liability Company (“BVIUT”) and have in December 2017 also injected a cash sum of VND11,904 billion as fresh capital contribution into BVIUT in order to meet certain similar conditions imposed by the Vietnamese authorities which require BVIUT to increase its charter capital to VND12,000 billion. Accordingly, BLCL's initial stake in BVIUT has also been diluted from 100% to 0.8%. It is the intention of BLCL to dispose its 0.8% stake in BVIUT in the near future (“Proposed BVIUT Disposal”). (d) On 18 February 2019, the Company announced the incorporation of Berjaya Reykjavik Investment Limited ("BRIL") in the Republic of Ireland for a cash subscription of €1.00 (about RM4.69) comprising 1 ordinary share of €1.00 each. The intended principal activity of BRIL is investment holding. BRIL has entered into an agreement with Fiskitangi EHF ("FEHF") and Utgerdarfelag Reykjavikur HF (ÜRHF") to undertake the following: (i) BRIL to acquire 100% of the shares of Geirsgata 11 EHF ("GE11") for a cash consideration of USD1,399,000 (about RM5.75 million) from FEHF ("Proposed Acquisition"); and (ii) BRIL to repay the outstanding loan of USD12,591,000 (about RM51.79 million) obtained by GE11 from URHF to purchase a piece of leasehold land in Iceland ("Proposed Settlement"). GE11 is a company incorporated in Reykjavik, Iceland and owns the leasehold real estate at Geirsgata 11, Reykjavik, Iceland, ("Land"). The lease of the Land expires on 31 October 2037, with remaining unexpired term of about 18 years subject to extension. The Land measures in area about 4,805 square meters (approximately 51,721 square feet or 1.19 acres).
Vincent Tan plans to list U Mobile by 2020, to delist Berjaya Land V. RAGANANTHINI /19 DEC 2018 / 18:54 H.
Vincent Tan plans to list U Mobile by 2020, to delist Berjaya Land KUALA LUMPUR: Berjaya Corp Bhd’s (BCorp) founder and executive chairman Tan Sri Vincent Tan Chee Yioun (pix) today announced a slew of corporate exercises, including the potential listing of U Mobile Sdn Bhd and the delisting of Berjaya Land Bhd (BLand) from Bursa Malaysia.
Speaking at a press conference, Tan said the listing of U Mobile will take place either in 2019 or latest by 2020. He noted that U Mobile, which has transformed the local mobile space with competitive pricing, is ready for listing with its positive earnings before interest, taxes, depreciation and amortisation (ebitda) and good customer base.
The group is also weighing the possibility of delisting BLand on Bursa Malaysia, which will then be listed on the Singapore stock exchange.
As for Berjaya Media Bhd, Tan said a profitable private company will be injected into it as part of its regularisation plan to be uplifted from Practice Note 17 (PN17) status before considering a privatisation exercise.
Tan expressed his optimism on BCorp’s business outlook in the coming year.
“We have some good positive things going on. For example, we have the environmental business, our sanitary landfill (for which) we are making headway overseas. We are constructing one in the Philippines now and are going to be building several there. We are also looking at Vietnam and a few other countries,” he said, adding that the environmental business holds bright prospects for the group.
Tan also said that he is planning to sell a prime asset – the Four Seasons Hotel in Kyoto, Japan, which could bring in a gain of disposal of US$350-400 million (RM1.46-1.67 billion) if the deal materialises.
“I think in the next 60 days, we are going to conclude that. I think we will do very well in the investment, we will make a big profit. This is the plan (but it is) subject to confirmation.”
Meanwhile, BCorp, which is working with the Pahang state government via a joint venture to develop an airport on Tioman Island, is hoping to secure approvals from the government in the next few months.
Terming this as a viable business, Tan said this will transform the island’s tourism scene while bringing in more investments.
Commenting on the gaming industry, Tan noted that sales of Berjaya Sports Toto Bhd have increased and will double if the illegal bookies are weeded out. He added that being the sole operator in Vietnam, the long-term prospect for its gaming and lottery unit in the country is good.
Speaking of Berjaya Food Bhd, Tan said there will be more Starbucks stores to be opened and business for the chain has been profitable.
Meanwhile, the revamp of the menu of Kenny Rogers Roasters has turned out well, with the restaurant chain recognising better sales
Where got money to issues dividend or treasury shares? Want to invest Okinawa hotel, buy 7 elevan, build airport and umobile listing and support 7E and Caring.
who purchased the 30mil shares sold at 20sen off market or direct biz transaction recently ? another pre-arrangement before the stock rally start? just curious :p
if the 40% quoted investment in bjtoto is marked to market price, net assets per share of bjland will jump from current 83sen per share to another level. :)
with additional financial cost of 120-140 million a year on top of BJToto's, it's difficult for BJLand to perform well when most of its key project, namely Jeju, Sungai Besi, and Chian's Great Wall, are either in court or awaiting payment. What pissed me off is not so much about poor performance, cause its business. What pissed me off are VT promised dividend is not declared while BJLand has the capacity to add new investment properties in Iceland; a Penta's deal that basically ignores minorities interests with SC/Bursa keeping quiet, and a confusing plan for BJLand (if a privatization will be proposed soon)...
The berjaya group stock will always depletion of cash and loan kaw kaw and impairment kaw kaw, all turned to businessess based assets to create jobs and remuneration for coming quarter finacial results. So, be aware!
During the AGM, VT mentioned about Kyoto Four Season disposal early next year with dividend, hopefully I didn't get his words wrong and he'll honor his words this time round...
VT will hav to dispose kyoto 4 seasons becoz okinawa 4 season will start construction 2nd half 2020. He needs the cashflow. So most probably its true but duno when.
I'm surprised why bjland & bjcorp holding valuable landbank overseas & locally, but whenever projects carried out, the value of the land will gone & exchanges to remuneration, salaries ,assets, fee,loan, and etc..
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Retired chief justice Richard Malanjum now chairman of Berjaya Land
FMT Reporters -December 10, 2019 12:10 AM
Richard Malanjum was Chief Justice of Malaysia from July 2018 to April 2019.
PETALING JAYA: Former chief justice Richard Malanjum has been made chairman of the board of directors of Berjaya Land Bhd, according to a filing with the stock exchange.
The company said Malanjum, 67, was appointed to the group’s board, following the retirement of Razman Md Hashim Che Din, who is 80, after serving as group chairman since 2007.
As Chief Justice from July 2018 to April 13 this year, Malanjun was head of the judiciary and was the first East Malaysian to hold the highest judicial office.
Since retirement, Malanjum has gone into practice as a legal consultant.
Berjaya Land said he was being appointed as the independent and non-executive chairman, as well as chairman of the company’s remuneration and nomination committees, and as a member of the group’s audit and risk committees, the Edge Markets reported.