Latest news with #AbdulWahidOmar
The Star
3 days ago
- Business
- The Star
Trading ideas: Cypark, CapitaLand, Ta Win, Deleum, Zelan, Ramssol, Edelteq, Oasis, UUE, Taghill, Kawan Renergy
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Cypark Resources Bhd has announced a slew of boardroom changes, including the appointment of former Bursa Malaysia chairman Tan Sri Abdul Wahid Omar as its new chairman and independent non-executive director, effective June 9. Capitaland Malaysia Trust plans to raise up to RM250mn through a private placement of up to 435.4 million new units, mainly to repay bank borrowings. Ta Win Holdings Bhd is disposing of a parcel of industrial land with a single-storey detached factory in Port Klang to Metal Recovery Industries Sdn Bhd for RM44.5mn. Deleum Bhd has completed its USD7mn (RM31.3mn) acquisition of a 70% stake in Indonesia-based PT OSA Industries. Zelan Bhd has been ordered by an arbitral tribunal to pay RM22.4mn plus interest to subcontractor Landasan Kapital (M) Sdn Bhd over a construction contract dispute. Ramssol Group Bhd has partnered with iFLYTEK, a leading Chinese AI company valued at RM58bn, as its authorised distributor and reseller in Asia via the iFLYTEK Open Platform. Edelteq Holdings Bhd is setting up a 50:50 joint venture with Halo Technologies Sdn Bhd to manufacture automated optical inspection machines. Oasis Harvest Corp Bhd is acquiring Metta Food & Lifestyle Sdn Bhd, operator of banquet-themed restaurants 1958 by Chef Wan and Cafe Chef Wan, for RM30.8mn in cash. UUE Holdings Bhd is entering the solar photovoltaic industry via a 60%-owned subsidiary, Enerxite Sdn Bhd, with JV partner Daryl Lai Yit Sheng holding the remaining stake. Taghill Holdings Bhd chief executive officer and executive director Ng Wai Hoe has resigned with immediate effect, citing personal reasons. Kawan Renergy Bhd announced the immediate resignation of its independent non-executive director Dr Chuah Chaw Teo, citing time constraints resulting from personal and corporate commitments.
The Star
3 days ago
- Business
- The Star
Cypark appoints Tan Sri Abdul Wahid Omar as chair
KUALA LUMPUR: Cypark Resources Bhd has appointed Tan Sri Abdul Wahid Omar as its independent non-executive director and chair of the board, effective June 9, 2025. In a statement, the group said Abdul Wahid succeeds Datuk Hamidah Moris (Ami Moris) as the board chair, as she transitions to the role of group managing director. "Cypark is poised for its next leap forward. Over the past 12 months, we've added 270MWp of solar energy capacity and improved the energy generation performance from our waste-to-energy facility by 25%. "These results are a testament to the resilience of our reconstituted board in 2024 and new leadership team's commitment to excellence," said Ami Moris. According to Cypark, these changes reflect the board's strategic direction to strengthen independent oversight while empowering proven executive leadership. "The separation of the chair and managing director roles ensures a high standard of governance, transparency, and accountability, in line with best practices for Bursa Malaysia listed companies," it said. Meanwhile, Datuk Dr Gue See Sew has been appointed independent non-executive director, effective June 9, 2025.
New Straits Times
3 days ago
- Business
- New Straits Times
Cypark names Abdul Wahid Omar as new chairman
KUALA LUMPUR: Cypark Resources Bhd has named Tan Sri Abdul Wahid Omar as its new independent non-executive director and chair of the board effective June 9. The appointment comes as Datuk Hamidah Moris steps down as chair to assume the role of group managing director, a move aimed at strengthening the company's operational leadership. "These changes reflect the board's strategic direction to strengthen independent oversight while empowering proven executive leadership. "The separation of the chair and managing director roles ensures a high standard of governance, transparency, and accountability, in line with best practices for Bursa Malaysia listed companies," it said. Cypark also named Datuk Ir. Dr. Gue See Sew as an independent non-executive director effective June 9 to bolster the company's expanding technical capabilities. "His civil engineering background and international advisory experience further equip Cypark with the expertise needed to deliver complex, innovative energy solutions," it said. Hamidah said with Abdul Wahid's leadership and strong governance background, along with Gue's technical proficiency, Cypark is committed to driving Malaysia's clean energy future through integrity, innovation, and meaningful impact.
The Sun
04-05-2025
- Business
- The Sun
Abdul Wahid's tenure as Bursa Malaysia chairman defined by reform, innovation and resilience
PETALING JAYA: Tan Sri Abdul Wahid Omar concluded his five-year tenure as chairman of Bursa Malaysia on April 30, bringing to a close a period defined by reform, innovation and resilience. Among the milestones that were achieved during his chaimanship of the exchange operator were the launch of Malaysia's first syariah-compliant carbon market and a digital gold trading platform, besides overseeing a record-breaking year for initial public offerings (IPO). 'I must say it has been an honour, privilege and pleasure to serve Bursa Malaysia as chairman for the past five years,' Abdul Wahid, reflecting on the impact and legacy of his time at the helm, told SunBiz in an exclusive written interview. His departure, first announced on March 27, took effect at the close of business on April 30. He previously served on Bursa's board as an independent director from 2004 to 2011. Abdul Wahid guided the exchange through the Covid-19 pandemic Movement Control Order period, when Malaysia's economy came to a near standstill. During that period, Bursa Malaysia maintained uninterrupted market operations. The exchange's resilience during that time helped preserve investor confidence and ensured companies could still raise funds through the capital markets. The pandemic led to a spike in new Central Depository System account openings, with many first-time investors entering the market. Bursa also experienced historic high daily trading volumes during the pandemic. It reported a 62.2% increase in operating revenue in 2020 compared to 2019 driven by high retail participation and market volatility. 'The team at Bursa Malaysia (Warga Bursa) have certainly gone through a lot together navigating through the Covid-19 movement control order period and ensuring the market continues to operate in a fair and orderly manner notwithstanding the volatility and surge in trading volume,' Abdul Wahid said in the interview. Just weeks before his departure, Abdul Wahid was honoured with the Saleh Kamel Award for Islamic Economy in Madinah, a recognition he dedicated to Bursa staff and the broader Malaysian Islamic finance community. 'I am indeed honoured to have received the Saleh Kamel Award for Islamic Economy from HRH the Governor of Madinah two weeks ago on April 16, 2025. The award is indeed a recognition for the people in various organisations I have worked with including our Warga Bursa and the Malaysian Islamic finance fraternity,' he remarked. Other notable achievements during his tenure include the launch of the PLC Transformation Programme to boost corporate performance, the introduction of waqf -featured exchange traded funds, and the establishment of Bursa RAM Capital for debt market fundraising. In 2024, Bursa Malaysia emerged as the most vibrant IPO market in Southeast Asia, with 55 new listings raising RM7.4 billion and contributing RM31.4 billion in market capitalisation. This followed a joint initiative with the Securities Commission Malaysia to reduce listing application processing time to under three months. Abdul Wahid also oversaw the exchange's transition towards a more independent regulatory structure with the formation of the Regulatory and Conflicts Committee, and initiated the payment of business zakat starting from the 2020 financial year. Abdul Wahid signed off with a personal, light-hearted yet pointed reminder: 'No cryptos please.' 'As I sign off, I urge the board and management team to continue doing their best for Bursa Malaysia, their families and the nation. And to continue fulfilling our mission of Creating Opportunities, Growing Value towards achieving our vision of becoming Asean's leading, sustainable and globally connected marketplace,' he said. It is worth noting that Bursa Malaysia under Abdul Wahid's leadership has maintained a firm and cautious stance towards cryptocurrencies, a position he voiced publicly on several occasions. At the 63rd World Federation of Exchanges general assembly and annual meeting on Nov 20, 2024, Abdul Wahid made an unscheduled intervention during a panel session on cryptocurrencies. Abdul Wahid, who was not listed as a speaker, stood up to express his opposition to supporting crypto assets. 'At Bursa Malaysia, although we are moving to become a multi-asset exchange ... we choose which assets will be traded,' he said. 'At the end of the day, we are clear about our purpose ... to serve as a marketplace where businesses come to raise capital to grow. 'For other asset classes, there is this concept of creating opportunities and growing value. But we fail to see that in cryptocurrencies.' Abdul Wahid said cryptocurrencies lack any underlying value, and backed up his concern with internal data. An internal analysis made earlier in 2024 showed that while gold had a one-year volatility rate of 15% and bonds 11%, cryptocurrencies recorded a staggering 72.9%. 'That's gambling. Bursa Malaysia will not be supporting it, even if it means missing out on revenue because it causes more harm than good,' he said bluntly. Abdul Wahid also cited a case in Malaysia where a company was targeted by a ransomware attack, with the ransom specifically demanded in Bitcoin. 'I'm just amazed that we spend so much time and effort on anti-money laundering, Amla, and all those in the real world. But yet, in cryptocurrency world, there's that complexity that we overlooked.'
