Latest news with #SyedZaidAlbar
The Star
4 days ago
- Business
- The Star
Trading ideas: MBSB, FGV, Malakoff, Berjaya Land, Solarvest, Deleum, CIMB, Compugates, Sersol, Poh Kong
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. MBSB Bhd has approved Islamic financing facilities totalling RM180.0mn for Mag Holdings Bhd to strengthen its operations across the halal aquaculture value chain. The Federal Land Development Authority today said it has dispatched the offer documents for its plan to privatise FGV Holdings Bhd , with the offer closing at 5pm on 7 July 2025, unless extended. Malakoff Corporation Bhd 's unit Malakoff Radiance Sdn Bhd has teamed up with New Energy Asia Sdn Bhd to jointly deploy electric vehicle charging infrastructure. Berjaya Land Bhd has signed a memorandum of understanding with Sweden-based SIBS Sdn Bhd to deliver climate-resilient modular housing in Greenland. Solarvest Holdings Bhd has, via a joint venture company, secured a 25-year power purchase agreement with the government of Brunei to invest in, build, and operate a 30MWac solar photovoltaic power plant. Deleum Bhd , through its indirect unit Deleum Oilfield Solutions (Thailand) Co Ltd, is buying Thailand-based MPC Future Co Ltd's oilfield service assets and business for RM60.0mn through a combination of cash and share issuance in a subsidiary. Former head honcho of Securities Commission Malaysia, Datuk Syed Zaid Albar will take over as group chairman of CIMB Group Holdings Bhd from Tan Sri Mohd Nasir Ahmad, effective 20 July 2025. Compugates Holdings Bhd executive director See Thoo Chan has acquired 7.1mn shares or 0.12% stake in Compugates for RM106,299. He now holds a direct interest of 7.9%. Sersol Bhd 's executive director Datuk Mohamed Suffian Awang has reemerged as the company's largest shareholder, after acquiring a 13.7% stake. Poh Kong Holdings Bhd 's 3QFY25 net profit came in almost unchanged at RM47.6mn compared to RM47.7mn a year ago mainly due to higher income tax and operating expenses.
The Star
5 days ago
- Business
- The Star
CIMB names ex-SC chief Syed Zaid Albar as chairman
Datuk Syed Zaid Albar - RAJA FAISAL HISHAN/The Star PETALING JAYA: Former head honcho of Securities Commission Malaysia (SC), Datuk Syed Zaid Albar will take over as group chairman of CIMB Group Holdings Bhd from Tan Sri Mohd Nasir Ahmad, effective July 20, 2025, with the latter retiring on July 19 this year. In line with the transition, Syed Zaid will be appointed as an independent non-executive director effective June 18, 2025. Mohd Nasir said Syed Zaid's leadership and extensive corporate experience across legal industry, financial and regulatory landscape will bring valuable perspective in guiding CIMB through its next chapter of growth and transformation. 'We are confident that his stewardship will provide strong guidance in driving the success of the group's Forward30 strategic plan," he said in a statement. Mohd Nasir had served CIMB as a board member for 10 years, since 2015, holding the position of group chairman since 2018. The statement said under his leadership, the group has grown to be one of the largest financial institutions in Asean with total assets of RM755.1bil as at Dec 31, 2024 and a market capitalisation of RM75.2bil as at March 31, 2025. Syed Zaid's appointment as CIMB's group chairman is in line with market speculations earlier this month. Prior to his time in the SC, Syed Zaid was a lawyer with four decades of experience across a broad range of practice areas, with a strong focus on financial services and corporate advisory. As one of the founding partners of Albar & Partners, he has also established himself in Malaysia's capital market and legal landscape, particularly in debt and equity finance, including Islamic finance. His contributions have earned him multiple recognitions for his involvement in notable capital market transactions. In 2018, Syed Zaid stepped away from legal practice to assume the role of executive chairman of the SC, a position he held until mid-2022. During his tenure at the SC, Syed Zaid played a key role in strengthening the governance, regulatory oversight and the development of Malaysia's capital markets, both domestically and internationally. As SC's chairman, he represented the SC in various capacities, on the local and international stage. Domestically, one of the key roles was representing SC as a member of the BNM Financial Stability Committee and a member of the Board of Trustee of The Financial Reporting Foundation. At the international front, he represented SC as a board member of the International Organisation of Securities Commissions (IOSCO), the Asia Pacific Regional Committee of IOSCO, and the Asean Capital Markets Forum comprising heads of capital market regulators from all 10 Asean jurisdictions, with the primary responsibility of promoting the integration and development of capital markets within Asean. He rejoined Albar & Partners in early 2023 as a senior partner, taking on an advisory role and professional development. Previously, Syed Zaid served the boards of numerous public listed companies, including Yinson Holdings Bhd , Cycle & Carriage Bintang Bhd, Malaysian Pacific Industries Bhd and Malaysia Building Society Bhd . In 2024, CIMB was the top arranger of bond and share sales in Malaysia. In March, the bank had announced a six-year plan to accelerate growth.
Malaysian Reserve
5 days ago
- Business
- Malaysian Reserve
CIMB appoints Datuk Syed Zaid Albar as new group chairman, effective July 20
CIMB Group Holdings Bhd has appointed Datuk Syed Zaid Albar (picture) as its new group chairman, effective July 20, 2025. He will succeed Tan Sri Mohd Nasir Ahmad, who will retire from the board a day earlier after serving for a decade, including as group chairman since 2018. In line with the leadership transition, Datuk Syed Zaid will be appointed as an independent non-ED of the group on June 18. Mohd Nasir said Syed Zaid Albar extensive corporate experience across legal industry, financial and regulatory landscape will bring valuable perspective in guiding CIMB through its next chapter of growth and transformation. 'We are confident that his stewardship will provide strong guidance in driving the success of the group's Forward30 strategic plan.' Syed Zaid, a seasoned lawyer and founding partner of Albar & Partners, brings four decades of legal and financial services experience. He previously served as executive chairman of the Securities Commission Malaysia (SC) from 2018 to mid-2022, where he played a key role in enhancing regulatory oversight and governance in Malaysia's capital markets. Internationally, he represented the SC on bodies such as the International Organisation of Securities Commissions (IOSCO) and the ASEAN Capital Markets Forum. He rejoined Albar & Partners in 2023 as a senior partner in an advisory role and has previously served on the boards of several listed companies, including Yinson Holdings Bhd and Malaysian Pacific Industries Bhd. CIMB Group CEO Novan Amirudin said: 'On behalf of the management, we would like to congratulate and welcome Datuk Syed Zaid as the Chairman of CIMB Group. We look forward to being guided by him as we execute our Forward30 strategic plan over the next six years, which anchors on our purpose of advancing customers and society. Our goal is to be the top-of-mind ASEAN bank, reimagining banking by embedding ourselves into our customers lives and keeping our customers at the heart of everything we do.' He also paid tribute to Mohd Nasir, saying: 'On behalf of the Board, I would like to extend our deepest appreciation to Tan Sri Mohd Nasir Ahmad for his exemplary leadership and invaluable contributions over the past decade. His contributions have been instrumental in shaping CIMB's progress to be a leading focused ASEAN bank.' Under Tan Sri Mohd Nasir's tenure, CIMB grew into one of the largest financial institutions in ASEAN, with total assets of RM755.1 billion as of December 31, 2024, and a market capitalisation of RM75.2 billion as of March 31, 2025. — TMR
Business Times
04-06-2025
- Business
- Business Times
CIMB set to appoint former Securities Commission chief Syed Zaid as chairman: sources
[KUALA LUMPUR] CIMB Group Holdings is preparing for a leadership transition, with former Securities Commission Malaysia chairman Syed Zaid Albar expected to take over as chairman of the board, according to a report by Bloomberg. Citing sources, the report said the appointment, which is pending regulatory approval, comes as incumbent chairman Mohd Nasir Ahmad prepares to step down after nearly a decade on the board and six years as chairman. Syed Zaid, who led the Securities Commission from 2018 to 2022, is also a founding partner of law firm Albar & Partners. His return to the financial sector comes at a time when CIMB is navigating a more challenging macroeconomic environment across South-east Asia, where it has significant operations in Indonesia, Thailand, Singapore, and Cambodia. The anticipated change in chairmanship follows the group's steady financial performance in the first quarter of 2025. CIMB posted a net profit of RM2 billion, a 1.9 per cent increase from nearly RM2 billion a year earlier, supported by stronger net interest income (NII). A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up However, revenue fell 2.3 per cent year-on-year to RM5.5 billion, largely due to continued pressure on net interest margins (NIM), though asset growth helped cushion the impact. NII rose slightly to RM3.82 billion on both a quarterly and annual basis. Non-interest income (NOII) climbed 11.1 per cent quarter-on-quarter, supported by a nearly 19 per cent rise in treasury client sales and a 12.6 per cent increase in fee and commission income. In a filing with Bursa Malaysia, CIMB reaffirmed its commitment to its Forward30 strategic plan that was launched in March. This six-year roadmap focuses on strengthening customer experience, improving operational efficiency, and driving sustainability-led initiatives. The group also recently restructured its leadership in Thailand and Cambodia, while identifying those two markets, along with Singapore, as growth engines for regional expansion. Being South-east Asia's fifth-largest lender by assets, CIMB operates 592 retail branches and employs more than 33,000 staff across 10 markets as at end-2024, serving around 28 million customers. Analysts said CIMB's latest results were broadly in line with expectations, though margin compression remains a concern. Kenanga Research's Clement Chua noted that CIMB, alongside AmBank, was one of the few banks in Malaysia to post a sequential uptick in NIMs. However, gains were offset by declining asset yields and elevated funding costs in Indonesia. While the group maintained its full-year NIM guidance of a deterioration of up to five basis points, analysts said it is now more likely to trend toward the lower end of that range, added Chua. Maybank Investment Bank analyst Desmond Ch'ng said CIMB's wide footprint in South-east Asia exposes it to greater regional volatility compared to more domestically focused peers. 'Any slowdown in Malaysia would weigh on earnings, but the group is also vulnerable to monetary and currency trends in Indonesia and Thailand,' he said, noting that further rate cuts in Indonesia or a weaker rupiah could erode margins and reduce the translated earnings from CIMB Niaga. Despite these challenges, RHB Research analysts David Chong and Nabil Thoo said CIMB is entering this phase of uncertainty with a strong liquidity position, better asset quality, and flexibility to manage funding pressures. They pointed to CIMB's ability to reduce campaign deposit rates in Malaysia by 10 to 20 basis points in May and its strategy to wind down costlier wholesale funding. 'Direct exposure to US tariffs is limited, with less than 3 per cent of CIMB's loans linked to trade-related sectors and just 0.4 per cent of customers deriving over 20 per cent of their revenue from the US market,' they said in a note on Monday (Jun 3).
Bloomberg
03-06-2025
- Business
- Bloomberg
CIMB to Name Malaysia's Former Top Regulator Syed Zaid as Chairman
CIMB Group Holdings Bhd., the top underwriter of Malaysian stocks and bonds, is set to name the former head of Securities Commission Malaysia, Syed Zaid Albar, as chairman, people familiar with the matter said. Syed Zaid will replace Mohd Nasir Ahmad, who will retire, the people said, asking not to be identified before an announcement. The appointment also needs regulatory approval, they said.
