By Sharen Kaur
sharen@nstp.com.my
Published in NST on February 14, 2013
Datuk Mohamad Salim Fateh Din and his son Imran Salim of Gapurna Sdn Bhd will take over the management of Malaysian Resources Corp Bhd (MRCB) earliest by June this year.
However, Imran may act as an interim chief operating officer (COO) of MRCB sooner than that if the group's current board makes a request.
MRCB has been without chief executive since July last year.
In its announcement on the acquisition of certain assets from Gapurna recently, MRCB said Salim would be its new managing director upon completion of the deal.
The group did not mention anything about the COO post.
"Once the deal is completed, we will be in (MRCB) in four to five months. But if there is a request to go in as an interim COO for interim purpose only, then I will do it," Imran told Business Times yesterday.
He said despite the coming management change at MRCB, business will be as usual for the group.
Last week, MRCB said it is teaming up with Gapurna in a RM729 million corporate exercise which will see Nusa Gapurna Development Sdn Bhd (NGD) injecting 13.2ha of land worth RM459 million into the property and construction group, in return for shares.
The land is located in the Klang Valley and includes the PJ Sentral development.
Gapurna, which owns 60 per cent of NGD, is controlled by Salim. The remaining 40 per cent of NGD is held by the Employees Provident Fund (EPF). The EPF also owns 42.2 per cent of MRCB.
Following the completion of the cash and share swap deal, Gapurna will end up with a 16.8 per cent stake in MRCB. The EPF's stake in MRCB will be diluted to 38.4 per cent.
According to Imran, three representatives from the EPF and two from Gapurna will form the new MRCB board.
"Our intention is to run MRCB and not compete with it. NGD has several special purpose vehicles (SPV) that hold land. It is injecting some of the SPVs into MRCB, in exchange for shares.
"NGD may have other parcels of land in the future. Any form of land it gets will be injected into MRCB. NGD will not compete with MRCB and become a developer. It will remain as a land holding company. That is how the structure will be," Imran added.
sharen@nstp.com.my
Published in NST on February 14, 2013
Datuk Mohamad Salim Fateh Din and his son Imran Salim of Gapurna Sdn Bhd will take over the management of Malaysian Resources Corp Bhd (MRCB) earliest by June this year.
However, Imran may act as an interim chief operating officer (COO) of MRCB sooner than that if the group's current board makes a request.
MRCB has been without chief executive since July last year.
In its announcement on the acquisition of certain assets from Gapurna recently, MRCB said Salim would be its new managing director upon completion of the deal.
The group did not mention anything about the COO post.
"Once the deal is completed, we will be in (MRCB) in four to five months. But if there is a request to go in as an interim COO for interim purpose only, then I will do it," Imran told Business Times yesterday.
He said despite the coming management change at MRCB, business will be as usual for the group.
Last week, MRCB said it is teaming up with Gapurna in a RM729 million corporate exercise which will see Nusa Gapurna Development Sdn Bhd (NGD) injecting 13.2ha of land worth RM459 million into the property and construction group, in return for shares.
The land is located in the Klang Valley and includes the PJ Sentral development.
Gapurna, which owns 60 per cent of NGD, is controlled by Salim. The remaining 40 per cent of NGD is held by the Employees Provident Fund (EPF). The EPF also owns 42.2 per cent of MRCB.
Following the completion of the cash and share swap deal, Gapurna will end up with a 16.8 per cent stake in MRCB. The EPF's stake in MRCB will be diluted to 38.4 per cent.
According to Imran, three representatives from the EPF and two from Gapurna will form the new MRCB board.
"Our intention is to run MRCB and not compete with it. NGD has several special purpose vehicles (SPV) that hold land. It is injecting some of the SPVs into MRCB, in exchange for shares.
"NGD may have other parcels of land in the future. Any form of land it gets will be injected into MRCB. NGD will not compete with MRCB and become a developer. It will remain as a land holding company. That is how the structure will be," Imran added.
Is Dato Salim related to Tan Sri Dato' Mohamed Mansor of Glomac?
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