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New Straits Times
4 days ago
- Business
- New Straits Times
Three senior board members exit Boustead Heavy Industries in governance shake-up
KUALA LUMPUR: Boustead Heavy Industries Corp Bhd (BHIC) has announced the resignation of three senior board members, marking a fresh round of leadership changes amid broader restructuring at the group level. According to filings with Bursa Malaysia, the departures involve Dr Salihin Abang, Izaddeen Daud and Saadatul Nafisah Bashir Ahmad, all of whom held multiple roles on the board. Dr Salihin stepped down as an independent non-executive director and relinquished his positions on the audit and risk committees. Saadatul vacated her seat on the board as well as the audit and nomination and remuneration committees. Izaddeen, a non-independent non-executive director, also resigned from the board. No reasons were given for the resignations and replacements have yet to be announced. The exits come as BHIC's parent company, Boustead Holdings Bhd, and its major shareholder, the Armed Forces Fund Board (LTAT), move forward with a broad restructuring agenda. Izaddeen was appointed group chief executive officer (GCEO) of Boustead Holdings in November 2022. BHIC's latest annual report indicates that he still holds the position, although Boustead Holdings' official website currently does not list a GCEO among its leadership team. In February, the government launched a new reform blueprint dubbed Project Earth, aimed at improving operational efficiency and productivity across LTAT and its portfolio of companies, including Boustead and BHIC. Project Earth replaces the earlier Project Moonshot, which was suspended in 2023 amid concerns over LTAT's financial stability. The previous plan sought to pare down Boustead's RM3.4 billion debt and divest its stake in six key subsidiaries.
The Sun
26-05-2025
- Business
- The Sun
Encorp hopes for better financial year 2025, driven by new developments in Kuantan, existing foothold in Johor's trade zone
PETALING JAYA: Encorp Bhd is targeting RM10 million in net profit for financial year 2025 (FY25), up from RM3.4 million achieved in the previous period. Chairman Mohd Yusmadi Mohd Yusoff said the improvement will be driven by new developments in Kuantan, as well as the company's existing foothold in Johor's trade zone. 'If this year we can chart anything around RM10 million, I'd be more than happy. For me, change has to be gradual,' he told SunBiz in an exclusive interview. Appointed on Sept 29, 2023, Mohd Yusmadi – a lawyer and former senator – now leads the company that is 62% owned by Felda Investment Corp Sdn Bhd. 'As Felda's builder, with projects stretching from Perlis to Sabah and even abroad, we must leverage this affiliation. Felda is a significant group. At the same time, we need to adopt AI and technology to remain competitive.' Mohd Yusmadi said Encorp stands to benefit from the upcoming Johor-Singapore Special Economic Zone given its existing landbank in the area. 'I want Encorp to focus more on the economic zone. We still have a few units left over there, but that can be a good start. Compared to other developers, we are not a fresh or new player there. We already have one leg there.' Encorp's landbank in Johor includes the Encorp Marina Puteri Harbour development, which occupies about 3.3 acres of prime waterfront land along the Straits of Johor . Mohd Yusmadi said the group's five-star hotel project in Kuantan, developed in partnership with Touch Group – with a gross development value of over RM500 million – is already progressing. 'In Balau we are pushing for a five-star hotel and serviced apartments with Touch Group. We are now in discussions with a few potential partners,' he disclosed. Encorp has faced governance-related issues and operational setbacks in recent years. Mohd Yusmadi said there is no compromise when it comes to integrity and governance under his leadership, . 'I say it, I practise it, and I show it. That's why last year, as many people were informed, yes, we did have governance issues. But I want to send a message to the media, investor, and our shareholders – under my leadership, governance is a priority. 'Maybe because I'm a former politician, I understand the role of government.' From a capital appreciation perspective, Mohd Yusmadi said Encorp had faced several governance-related challenges, which the leadership team has worked to address through firm top-level commitment. 'For example, the issue of uncollected tenancies involving millions of ringgit.' He added that governance was his first transformation strategy upon taking the helm, and the impact is now becoming evident. 'For the first time since 2016, Encorp turned a profit, as shown in last year's financial report. We even gave bonuses to both executive and non-executive staff.' Encorp posted its first annual profit since 2016 in FY24, recording RM3.4 million in net profit, compared with a net loss of RM8.5 million in the previous year. The improved performance was attributed to higher gross margins, with RM79.3 million gross profit on RM104 million revenue; a significant reduction in cost of sales, down to RM24.7 million from RM57.2 million in FY23; and better control of finance costs coupled with the recovery of longstanding receivables. The group posted a profit before tax of RM6.1 million despite a revenue decline to RM104 million from RM129.2 million in FY23, mainly due to weaker performance in the property development segment. 'Maybe it's my lack of property background that became an advantage. I came in with a fresh perspective. As a senior lawyer who often troubleshoots corporate issues, I bring a strong problem-solving mindset,' Mohd Yusmadi said. He noted that Encorp retained all its staff throughout the Covid-19 period. 'Our HR department confirmed that we didn't let go of anyone during the pandemic. That sends a strong signal to the public that Encorp is a stable and promising company.'
The Sun
26-05-2025
- Business
- The Sun
Encorp hopes better financial year 2025
PETALING JAYA: Encorp Bhd is targeting RM10 million in net profit for financial year 2025 (FY25), up from RM3.4 million achieved in the previous period. Chairman Mohd Yusmadi Mohd Yusoff said the improvement will be driven by new developments in Kuantan, as well as the company's existing foothold in Johor's trade zone. 'If this year we can chart anything around RM10 million, I'd be more than happy. For me, change has to be gradual,' he told SunBiz in an exclusive interview. Appointed on Sept 29, 2023, Mohd Yusmadi – a lawyer and former senator – now leads the company that is 62% owned by Felda Investment Corp Sdn Bhd. 'As Felda's builder, with projects stretching from Perlis to Sabah and even abroad, we must leverage this affiliation. Felda is a significant group. At the same time, we need to adopt AI and technology to remain competitive.' Mohd Yusmadi said Encorp stands to benefit from the upcoming Johor-Singapore Special Economic Zone given its existing landbank in the area. 'I want Encorp to focus more on the economic zone. We still have a few units left over there, but that can be a good start. Compared to other developers, we are not a fresh or new player there. We already have one leg there.' Encorp's landbank in Johor includes the Encorp Marina Puteri Harbour development, which occupies about 3.3 acres of prime waterfront land along the Straits of Johor . Mohd Yusmadi said the group's five-star hotel project in Kuantan, developed in partnership with Touch Group – with a gross development value of over RM500 million – is already progressing. 'In Balau we are pushing for a five-star hotel and serviced apartments with Touch Group. We are now in discussions with a few potential partners,' he disclosed. Encorp has faced governance-related issues and operational setbacks in recent years. Mohd Yusmadi said there is no compromise when it comes to integrity and governance under his leadership, . 'I say it, I practise it, and I show it. That's why last year, as many people were informed, yes, we did have governance issues. But I want to send a message to the media, investor, and our shareholders – under my leadership, governance is a priority. 'Maybe because I'm a former politician, I understand the role of government.' From a capital appreciation perspective, Mohd Yusmadi said Encorp had faced several governance-related challenges, which the leadership team has worked to address through firm top-level commitment. 'For example, the issue of uncollected tenancies involving millions of ringgit.' He added that governance was his first transformation strategy upon taking the helm, and the impact is now becoming evident. 'For the first time since 2016, Encorp turned a profit, as shown in last year's financial report. We even gave bonuses to both executive and non-executive staff.' Encorp posted its first annual profit since 2016 in FY24, recording RM3.4 million in net profit, compared with a net loss of RM8.5 million in the previous year. The improved performance was attributed to higher gross margins, with RM79.3 million gross profit on RM104 million revenue; a significant reduction in cost of sales, down to RM24.7 million from RM57.2 million in FY23; and better control of finance costs coupled with the recovery of longstanding receivables. The group posted a profit before tax of RM6.1 million despite a revenue decline to RM104 million from RM129.2 million in FY23, mainly due to weaker performance in the property development segment. 'Maybe it's my lack of property background that became an advantage. I came in with a fresh perspective. As a senior lawyer who often troubleshoots corporate issues, I bring a strong problem-solving mindset,' Mohd Yusmadi said. He noted that Encorp retained all its staff throughout the Covid-19 period. 'Our HR department confirmed that we didn't let go of anyone during the pandemic. That sends a strong signal to the public that Encorp is a stable and promising company.'
The Sun
26-05-2025
- Business
- The Sun
Encorp on stronger footing, targets RM10 million profit for FY25
PETALING JAYA: Encorp Bhd is targeting RM10 million in net profit for financial year 2025 (FY25), up from RM3.4 million achieved in the previous period. Chairman Mohd Yusmadi Mohd Yusoff said the improvement will be driven by new developments in Kuantan, as well as the company's existing foothold in Johor's trade zone. 'If this year we can chart anything around RM10 million, I'd be more than happy. For me, change has to be gradual,' he told SunBiz in an exclusive interview. Appointed on Sept 29, 2023, Mohd Yusmadi – a lawyer and former senator – now leads the company that is 62% owned by Felda Investment Corp Sdn Bhd. 'As Felda's builder, with projects stretching from Perlis to Sabah and even abroad, we must leverage this affiliation. Felda is a significant group. At the same time, we need to adopt AI and technology to remain competitive.' Mohd Yusmadi said Encorp stands to benefit from the upcoming Johor-Singapore Special Economic Zone given its existing landbank in the area. 'I want Encorp to focus more on the economic zone. We still have a few units left over there, but that can be a good start. Compared to other developers, we are not a fresh or new player there. We already have one leg there.' Encorp's landbank in Johor includes the Encorp Marina Puteri Harbour development, which occupies about 3.3 acres of prime waterfront land along the Straits of Johor . Mohd Yusmadi said the group's five-star hotel project in Kuantan, developed in partnership with Touch Group – with a gross development value of over RM500 million – is already progressing. 'In Balau we are pushing for a five-star hotel and serviced apartments with Touch Group. We are now in discussions with a few potential partners,' he disclosed. Encorp has faced governance-related issues and operational setbacks in recent years. In August 2024, Encorp suspended its group CEO, Hazurin Harun, amid an investigation by the Malaysian Anti-Corruption Commission (MACC). Subsequently, in November 2024, Hazurin was charged with two counts of criminal breach of trust involving RM1.05 million, related to unauthorised payments for mineral deliveries. He pleaded not guilty. Mohd Yusmadi said there is no compromise when it comes to integrity and governance under his leadership, . 'I say it, I practise it, and I show it. That's why last year, as many people were informed, yes, we did have governance issues. But I want to send a message to the media, investor, and our shareholders – under my leadership, governance is a priority. 'Maybe because I'm a former politician, I understand the role of government.' From a capital appreciation perspective, Mohd Yusmadi said Encorp had faced several governance-related challenges, which the leadership team has worked to address through firm top-level commitment. 'For example, the issue of uncollected tenancies involving millions of ringgit.' He added that governance was his first transformation strategy upon taking the helm, and the impact is now becoming evident. 'For the first time since 2016, Encorp turned a profit, as shown in last year's financial report. We even gave bonuses to both executive and non-executive staff.' Encorp posted its first annual profit since 2016 in FY24, recording RM3.4 million in net profit, compared with a net loss of RM8.5 million in the previous year. The improved performance was attributed to higher gross margins, with RM79.3 million gross profit on RM104 million revenue; a significant reduction in cost of sales, down to RM24.7 million from RM57.2 million in FY23; and better control of finance costs coupled with the recovery of longstanding receivables. The group posted a profit before tax of RM6.1 million despite a revenue decline to RM104 million from RM129.2 million in FY23, mainly due to weaker performance in the property development segment. 'Maybe it's my lack of property background that became an advantage. I came in with a fresh perspective. As a senior lawyer who often troubleshoots corporate issues, I bring a strong problem-solving mindset,' Mohd Yusmadi said. He noted that Encorp retained all its staff throughout the Covid-19 period. 'Our HR department confirmed that we didn't let go of anyone during the pandemic. That sends a strong signal to the public that Encorp is a stable and promising company.'
The Sun
23-05-2025
- Business
- The Sun
Armizan denies allegation that MADANI govt removed LPG subsidy
INANAM: The Domestic Trade and Cost of Living Ministry has denied the allegation that the MADANI Government had abolished gas cylinder subsidies for food outlets using more than 42 kg of Liquefied Petroleum Gas (LPG). Clarifying the matter, Minister Datuk Armizan Mohd Ali said premises wishing to use more than 42kg of LPG must apply for a Controlled Goods Permit under the regulations of the Control of Supplies (Amendment) Act 2021, which has been in effect since Oct 15, 2021. Armizan stressed that any party who does not store or use LPG beyond the specified limit are not required to obtain the permit. 'Remember that the LPG subsidy amounted to RM3.4 billion last year. This subsidy is meant for public use, not business or commercial. If there are specific cases where businesses require more than 42kg of LPG, please notify me. 'We can verify whether these business premises sell items and services directly to the people at reasonable prices, especially if the cost of living is used to justify getting subsidies for their business operations. 'I don't think many eateries, let alone food stalls or burger stands, need to store or use LPG cylinders exceeding 42 kg at any one time unless they are large-scale business premises,' he told reporters after launching the Festive Season Maximum Price Control Scheme for Kaamatan and Gawai Festivals at Pisompuruan Hall, Kampung Kobuni, here, today. Armizan said such allegations confuse the public, stressing that the issue is not a new policy or regulation under the MADANI Government but has been in effect since 2021 under the previous administration. 'They are playing on the sentiment that costs are being passed on to the public, but the LPG subsidy comes from the people's money — public funds, including taxpayers' money. It is preposterous for the public to bear all business costs, including those of large-scale enterprises,' he added.
