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Tuesday, January 26, 2010

MK Land still focused on turnaround plan

MK Land Holdings Bhd said yesterday that its turnaround efforts were going smoothly as planned and that management remained solid.

It was responding to a report in this newspaper last Saturday, which had said that its turnaround plan might have hit a bump as several senior officials were leaving.

MK Land said it was "intensely moving ahead with its three-pronged approach", which entailed sales of properties, cost-control measures and a corporate exercise to strengthen its position.

The company said it had appointed Hong Leong Investment Bank Bhd to undertake the corporate exercise and was going ahead with the appointment of professionals to implement the plan.

It added that there was no dispute within the MK Land management and that Tan Sri Mustapha Kamal Abu Bakar was still leading its team of executives.

It pointed out that a succession plan was normal in every company and that the appointment of Felina Mustapha Kamal as executive director was approved by the board on August 1 last year as part of the company's succession plan.

By Business Times

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