KUALA LUMPUR: Datuk Khalid Abdol Rahman, DRB-Hicom Bhd director for corporate planning, is Pos Malaysia Bhd CEO effective Jan 1, 2012, further etching DRB-Hicom’s influence over the company it gained control of in July this year.
The announcement on Khalid’s appointment yesterday came five months after DRB-Hicom group managing director Datuk Seri Haji Mohd Khamil Jamil was named Pos Malaysia’s chairman.
Pos Malaysia incumbent group managing director and CEO, Datuk Syed Faisal Albar, had been tapped to fill the CEO chair at Khazanah Nasional Bhd-controlled Malaysia Airports Holdings Bhd (MAHB), The Edge weekly reportedly over the weekend. This had yet been confirmed or denied at press time. MAHB managing director Tan Sri Bashir Ahmad Abdul Majid declined to comment on the report at a press conference on the new KLIA2 on Tuesday.
Formerly a Khazanah-controlled entity, Pos Malaysia has had DRB-Hicom as its single largest shareholder since July 1 this year. DRB-Hicom paid RM622.8 million, or RM3.60 apiece, for the strategic 32.2% block in the deal announced on April 22 this year. The sale was part of Khazanah’s decision to sell its non-core holdings.
The Employees Provident Fund Board has 11.76% stake in Pos Malaysia while Aberdeen Asset Management Sdn Bhd holds a 6.83% block.
When reporting its earnings for the quarter ended Sept 30, Pos Malaysia said its financial year-end had been changed from Dec 31 to March 31. DRB-Hicom’s financial year ends on March 31.
Khalid, 55, was appointed alternate director to DRB-Hicom group COO Datuk Lukman Ibrahim on Pos Malaysia’s board in July.
Before joining DRB-Hicom as head of corporate planning in August 2006, Khalid was group general manager for corporate planning and business development at Tradewinds Corp Bhd.
An accountant by training, Khalid’s earlier rounds in Corporate Malaysia include corporate finance stints with Perdana Merchant Bankers Bhd and Rakyat Merchant Bankers Bhd, according to a statement to Bursa Malaysia.
Pos Malaysia, whose shares hit a high of RM3.65 on April 7, is down 24% year-to-date at its RM2.49-close yesterday. There are four “buy’”recommendations on the stock, with the most bullish being OSK Securities, which values Pos Malaysia at RM4.12. Credit Suisse is the only brokerage house with a neutral recommendation, valuing it at RM3.20, according to Bloomberg data.
Meanwhile, DRB-Hicom ended at RM2.03 yesterday, up 4.6% year-to-date, but off its recent high of RM2.50 apiece on April 7. The counter has three “buys” versus two “holds”, according to Bloomberg data.
At the time of writing, RHB Research Institute’s RM1.90 price target is the most bearish while CIMB Research values the stock at RM3.95.
This article appeared in The Edge Financial Daily, December 1, 2011.
The announcement on Khalid’s appointment yesterday came five months after DRB-Hicom group managing director Datuk Seri Haji Mohd Khamil Jamil was named Pos Malaysia’s chairman.
Pos Malaysia incumbent group managing director and CEO, Datuk Syed Faisal Albar, had been tapped to fill the CEO chair at Khazanah Nasional Bhd-controlled Malaysia Airports Holdings Bhd (MAHB), The Edge weekly reportedly over the weekend. This had yet been confirmed or denied at press time. MAHB managing director Tan Sri Bashir Ahmad Abdul Majid declined to comment on the report at a press conference on the new KLIA2 on Tuesday.
Formerly a Khazanah-controlled entity, Pos Malaysia has had DRB-Hicom as its single largest shareholder since July 1 this year. DRB-Hicom paid RM622.8 million, or RM3.60 apiece, for the strategic 32.2% block in the deal announced on April 22 this year. The sale was part of Khazanah’s decision to sell its non-core holdings.
The Employees Provident Fund Board has 11.76% stake in Pos Malaysia while Aberdeen Asset Management Sdn Bhd holds a 6.83% block.
When reporting its earnings for the quarter ended Sept 30, Pos Malaysia said its financial year-end had been changed from Dec 31 to March 31. DRB-Hicom’s financial year ends on March 31.
Khalid, 55, was appointed alternate director to DRB-Hicom group COO Datuk Lukman Ibrahim on Pos Malaysia’s board in July.
Before joining DRB-Hicom as head of corporate planning in August 2006, Khalid was group general manager for corporate planning and business development at Tradewinds Corp Bhd.
An accountant by training, Khalid’s earlier rounds in Corporate Malaysia include corporate finance stints with Perdana Merchant Bankers Bhd and Rakyat Merchant Bankers Bhd, according to a statement to Bursa Malaysia.
Pos Malaysia, whose shares hit a high of RM3.65 on April 7, is down 24% year-to-date at its RM2.49-close yesterday. There are four “buy’”recommendations on the stock, with the most bullish being OSK Securities, which values Pos Malaysia at RM4.12. Credit Suisse is the only brokerage house with a neutral recommendation, valuing it at RM3.20, according to Bloomberg data.
Meanwhile, DRB-Hicom ended at RM2.03 yesterday, up 4.6% year-to-date, but off its recent high of RM2.50 apiece on April 7. The counter has three “buys” versus two “holds”, according to Bloomberg data.
At the time of writing, RHB Research Institute’s RM1.90 price target is the most bearish while CIMB Research values the stock at RM3.95.
This article appeared in The Edge Financial Daily, December 1, 2011.
