Malakoff has announced that Che Khalib will replace Tajuddin as chairman effective January 2025.
KUALA LUMPUR: Malakoff Corporation Bhd (Malakoff) has announced that Che Khalib Mohamad Noh, 59, will be the company’s new chairman. He will succeed Tan Sri Dr Ahmad Tajuddin Ali effective January 2025, after his three-year contract expires.
Che Khalib is currently the Executive Vice Chairman at Malakoff.
He is the Group Managing Director of MMC Corp Bhd and previously worked in the energy industry as President and CEO of Tenaga Nasional Bhd for eight years, starting in 2004.
“In addition, he also serves on the boards of several companies, including Gas Malaysia Bhd, Johor Port Bhd, and Bank Muamalat Malaysia Bhd,” Malakoff said in an announcement to the bourse yesterday.
Che Khalib started working at Ernst & Young in 1989 before moving to Bumiputra Merchant Bankers Bhd.
He has worked in various positions at several large companies, including Renong Group, Ranhill Utilities Bhd, KUB Malaysia Bhd, and later DRB-Hicom Bhd as chief operating officer responsible for finance, strategy, and planning.
He was a member of the board of directors and executive committee of Khazanah Nasional Bhd, which is the sovereign wealth fund, from 2000 to 2004. In addition, he also served on the boards of United Engineers Malaysia Group and Bank Industri & Teknologi Malaysia Bhd.
According to the announcement, Che Khalib holds 420,000 shares in Malakoff, while Tajuddin holds 50,000 shares.
Malakoff recorded a net profit of RM58. 75 million for the third quarter ended September 30, 2024, compared to a net loss of RM109. 42 million in the same quarter last year.
The improved performance was due to a decrease in average coal costs due to stable coal prices worldwide. In addition, it was also affected by the final insurance claim settlement from Tanjung Bin Energy Sdn Bhd regarding turbine blade damage that occurred in November 2021.
The three-month revenue rose 3% year-on-year to RM2.22 billion, compared to RM2.15 billion. The stock is up 23% this year.
