CEO Morning Brief

Ami Moris Is Now Cypark’s Chairman

Publish date: Wed, 07 Jun 2023, 08:42 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (June 6): Cypark Resources Bhd has appointed Datuk Hamidah Moris as its new independent non-executive chairman effective immediately, it said in a bourse filing on Tuesday (June 6).

Hamidah, known as Ami Moris, was appointed as independent non-executive director of the renewable energy engineering group in March.

She will take over the new position from Cypark’s co-founder Tan Sri Razali Ismail, who has been redesignated as executive director.

Razali, who served on the board of Cypark since October 2006, ceased to be a substantial shareholder of the group last month, with a last reported shareholding of 1.68%.

Meanwhile, Cypark CEO and co-founder Datuk Daud Ahmad has pared his stake to 6.92% as at May 27, now being the third largest shareholder in the group.

In January this year, Jakel Group emerged as a largest shareholder in Cypark following a private placement exercise, with a direct and indirect stake of 23.86% currently.

The second largest shareholder is businessman Chung Chee Yang with a 10.24% stake, according to company filings.

The group also saw the emergence of Pertubuhan Keselamatan Sosial (Perkeso) as a substantial shareholder, with a 6.45% stake.

Cypark’s new chairperson Hamidah was the former chief executive officer of Maybank Investment Banking Group (IBG), where she served from 2018 to 2022 and oversaw its Asean expansion.

She currently serves as a commission member in Suruhanjaya Perkhidmatan Air Negara (SPAN), where she was appointed in February 2023, and has been a board member in University Malaya since February 2022.

Cypark’s earnings have come off its peak in 2019, as its solar and waste-to-energy projects previously ate into earnings.

Cypark’s net profit came in at RM6.77 million in the quarter ended Jan 31, 2023, up 25.8% quarter-on-quarter (q-o-q) from RM5.38 million, supported by higher contribution from its renewable energy (RE) segment.

The improved performance was despite quarterly revenue declining 32.04% q-o-q to RM32.88 million, from RM48.39 million, due to lower construction revenue from the RE segment — mainly covering its solar farm assets — as its “turnkey projects in Kelantan are currently near to completion”, it said in March.

Cypark shares closed 4.5 sen or 6.57% lower to 64 sen, giving it a market capitalisation of RM496.96 million.

Read also:
Cypark confirms Maybank IB's ex-CEO Ami Moris is joining its board

Source: TheEdge - 7 Jun 2023

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