PETALING JAYA: Mudajaya Group Bhd has announced a number of boardroom changes. Major shareholder Ng Ying Loong has stepped down as the group's managing director and the current joint managing director Anto Joseph is taking over.
Its chairman Asgari Mohd Fuad Stephens is passing the baton to Datuk Yusli Mohamed Yusoff, former CEO of Bursa Malaysia. Asgari will remain as a member of the board.
Mudajaya said in a statement Ng would continue serving the group as an adviser to the board.
The board said it is confident that Joseph, who has helmed the group together with Ng since April 2011, is the ideal leader to add value to the business and opportunities of Mudajaya.
Its current order book stands at RM4.8 billion, according to Ng.
He said with the strong figure coupled with the group's stable management and the prospects of the Indian power project providing steady, quality earnings, Mudajaya is in a solid position.
"This is also not the final chapter for me with Mudajaya. With my significant shareholding in the company and in my new advisory role, I intend to actively participate in our business but from a different perspective now," Ng said.
Joseph, 59, is an engineer and has been with the group since 1993, holding various posts, including executive director since 1996. Prior to joining Mudajaya, he was general manager and director of Pengurusan Lebuhraya Bhd. He started his career with Jabatan Kerja Raya Kelantan in 1977 and later moved to Pernas Construction Sdn Bhd.
"There are key strategic thrusts in place that include enhancing our presence in the power sector via projects like the Manjung power plant and tapping opportunities in key emerging markets like India," Joseph said in the statement.
Asgari said the group is on a stable footing and has recorded solid performances in recent quarters. He said with Joseph at the helm, and Yusli's experience Mudajaya can look forward to stronger days ahead.
In 2QFY11 ended June 30, the group delivered an improved profit after tax of RM72 million compared with RM60 million in FY10 corresponding quarter, while revenue grew by 70% to RM356 million from RM208.6 million in the previous corresponding quarter.
For the six months ended June 30, the group's revenue rose 29% to RM579 million from RM448 million in the previous corresponding period. But its net profit was lower at RM101.5 million from RM104.8 million.
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