KUALA LUMPUR (Dec 13): KUB Malaysia Bhd has announced the resignation of president and managing director Datuk Abdul Rahim Mohd Zin, and that group chief financial officer (CFO) Ahmed Fairuz Abdul Aziz will take the helm, effective today.
A bourse filing by the company said Abdul Rahim, who joined the board in August 2015, was resigning "to pursue other interests".
Meanwhile, Ahmed Fairuz, who has been redesignated as chief executive officer, had served as the group's CFO since 2016 and was previously the group CFO of Naza Corp Group of companies between 2012 and 2015.
Abdul Rahim had spearheaded KUB on its path towards profitability over the past year, as the company fell into the red in its fourth quarter ended Dec 31, 2018 (4QFY18).
Earlier this year, he told reporters that the company was aiming to turn a profit for FY19, supported by efficiency enhancement, cost-cutting and right-sizing measures.
For 3QFY19, KUB posted a net loss of RM1.01 million, versus its net profit of RM10.22 million in 3QFY18, while revenue fell 42% year-on-year to RM86.42 million.
For the cumulative three quarters, net loss stood at RM10.23 million, compared with a net profit of RM18.61 million in the previous year, while total revenue fell 24% to RM289.89 million from RM381.52 million.
Shares in KUB closed up half a sen or 1.5% to 33.5 sen, with 224,000 shares traded, giving it a market cap of RM186.42 million.