Imran Salim takes over helm at MRCB

PETALING JAYA (June 20): Malaysian Resources Corp Bhd (MRCB) has announced that its executive director Imran Salim (pictured) will be re-designated as the group managing director effective July 2 as part of MRCB’s corporate transformation plan.

In a statement today, the property development and construction company said the appointment coincides with the retirement of Imran Salim’s father Tan Sri Mohamad Salim Fateh Din who had in January said he planned to retire as group managing director after successfully completing MRCB’s corporate transformation plan.

“[Mohamad] Salim through his private vehicle, Gapurna Sdn Bhd in 2013 which acquired a 16.6% stake in MRCB, not only invested his personal resources into MRCB to become the second largest shareholder, but greatly promoted entrepreneurial leadership and a work culture to rejuvenate MRCB, by implementing a strategy designed to refocus the business back to its core engineering skillset and ensure its long-term sustainability,” the statement read.

During this period, MRCB has seen a substantial increase in its landbank and construction order book, while the company’s net gearing ratio has dropped substantially from 1.73 times in 2013 to 0.53 times in 2017, the company said.

“We would like to extend our gratitude, respect and praise for the time, expertise and dedication Tan Sri Salim has given to MRCB. His exemplary dedication and professionalism has no doubt contributed to the success and recognition of the organisation. The board of directors is confident that MRCB will continue to grow and prosper steadily ahead,” said MRCB chairman Tan Sri Azlan Zainol.

Meanwhile, as part of its restructuring exercise and efforts to comply with Practice 4.1 of the Malaysian Code On Corporate Governance (MCCG), a majority of MRCB’s board of directors will comprise of independent directors effective July 2, 2018.

In order to achieve a majority of independent directors, Azlan Zainol will be re-designated as independent chairman, while all three of the current independent directors will remain.

Meanwhile, Imran Salim, Datuk Shahril Ridza Ridzuan and Rohaya Mohammad Yusof will remain as non-independent directors.