KUALA LUMPUR (Dec 30): Sunway Bhd (KL:SUNWAY) has appointed its independent director Datuk Mohd Anuar Taib (pictured) to an executive role as deputy president effective Jan 2, 2025.
Anuar, who will step down as chief executive officer of Sapura Energy Bhd (KL:SAPNRG) on Tuesday (Dec 31), joined the board of Sunway in July 2023 as an independent non-executive director.
He has more than 30 years’ experience in the oil and gas industry, holding senior management positions in Petroliam Nasional Bhd (Petronas) and Shell Malaysia.
Also appointed as deputy president is Evan Cheah Yean Shin, the son of Sunway founder and executive chairman Tan Sri Jeffrey Cheah Fook Ling, who is being promoted from an alternate director to his father.
Besides that, Evan’s sister Datin Paduka Sarena Cheah Yean Tih, who is currently an executive director, will be named as deputy executive chairman on Jan 2, 2025, according to separate bourse filings on Monday.
Notably, Jeffrey and his private vehicle Sungei Way Corp Sdn Bhd, where Sarena and Evan are also shareholders, earlier this month sold a combined total of 100 million shares in the diversified company for RM485 million or RM4.85 per share.
Jeffrey now holds a combined 54.06% interest in Sunway, comprising a 9.98% direct stake and a 44.08% indirect stake through Sungei Way Corp.
Sunway more than doubled its net profit for the third quarter ended Sept 30, 2024 (3QFY2024) to RM376.08 million, from RM180.3 million a year ago, on stronger operating performance across its core businesses.
Revenue for the quarter rose 31.8% to RM2.03 billion from RM1.54 billion a year earlier, on better performance from all segments except quarry.
For the cumulative nine-month period (9MFY2024), Sunway’s net profit grew 73.5% to RM818.78 million compared with RM471.87 million previously, due to improved operating performance across most business segments, except for the trading and manufacturing segment, while revenue rose 17.7% to RM5.03 billion from RM4.27 billion a year earlier.
This came with the recognition of a fair value gain of RM62.4 million from the redemption of an investment, as well as a share of fair value gain of RM27 million from newly acquired investment properties of an associate company of the group.
At Monday’s market close, Sunway shares were up six sen or 1.26% at RM4.83 with a market capitalisation of RM30.06 billion.
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Source: EdgeProp.my
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