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Wednesday, November 18, 2009

Mohamed Razeek takes over as CEO from Dec 1

Construction and property group Malaysian Resources Corp Bhd (MRCB) has promoted group chief operating officer (COO) Mohamed Razeek Md Hussain Mericar to chief executive officer effective December 1.

He replaces Shahril Ridza Ridzuan, 39, who is resigning and will reportedly join the Employees Provident Fund as its new chief investment officer.

In a statement issued yesterday, MRCB said Shahril will be stepping down on November 30 after eight years with the group.

MRCB chairman Tan Sri Azlan Zainol said Shahril will remain as a board member and contribute to the long-term strategic planning and positioning of the group.

Azlan added that in his new role, Mohamed Razeek will be tasked with ensuring MRCB's continued focus on revenue and profit growth and the successful delivery of its ongoing projects.
Mohamed Razeek, 51, joined MRCB as the COO in June this year, taking charge of the group's property and engineering and construction divisions.

He has over 26 years experience in property development projects, including integrated commercial and residential as well as township developments in Malaysia and internationally.

Meanwhile, the group reported a net profit of over RM10 million in the third quarter ended September 2009 compared with a net loss of RM26.8 million in the comparable quarter a year ago.

Revenue increased to RM257.1 million from RM179.3 million in the previous corresponding period.

The group said the return to profitability was mainly contributed by better profit margins from the completion of existing projects and the consistent recognition of profit from the group's ongoing work progress.

By Business Times

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