PETALING JAYA (July 24, 2013): Encorp Bhd chairman and executive director Datuk Seri Mohd Effendi Norwawi, 65, and daughter Efeida Mohd Effendi, 40, also an executive director, have both resigned from their posts after selling their stake in Lavista Sdn Bhd to the group's senior management.
Lavista, a private vehicle, owns a 30.55% stake in Encorp.
According to filings with Bursa Malaysia yesterday, the property developer's CEO Yeoh Soo Ann and COO Mohd Ibrahim Masrukin now jointly own the 30.55% stake in Encorp through their shareholdings in Lavista.
Encorp also announced the appointment of Mohd Ibrahim as an executive director and Datuk Md Hamzah Md Kassim, 65, as chairman of the group.
The group has been winning a number of jobs of late, with the latest one being a RM69.9 million contract from Peninsular Smart Sdn Bhd for the construction of a 30-storey service apartment building on Jalan Raja Chulan, Kuala Lumpur.
Encorp closed down 3.5 sen or 3.72% to 90.5 sen yesterday, with 1.09 million shares traded.
Encorp appoints Hamzah non-exec chairman
july 26 PETALING JAYA: Property developer Encorp Bhd has appointed Datuk Dr Hamzah Md Kassim as non-executive chairman, following a management buyout (MBO) led by group chief executive officer Yeoh Soo Ann and chief operating officer Mohd Ibrahim Masrukin.
Encorp’s executive chairman Datuk Seri Effendi Norwawi, who had mooted the MBO, will exit the company following the exercise.
“This is both an honour and huge responsibility that we are taking on, but we are confident of Encorp’s ongoing success.
“Our appreciation and heartfelt acknowledgements go out to Effendi for his guidance and magnanimity all these years,” Yeoh said.
Encorp also appointed Ibrahim as executive director.
A filing with Bursa Malaysia on Tuesday indicated that both Yeoh and Ibrahim had bought over Effendi’s stake in Lavista Sdn Bhd, a private vehicle that owns a 30.55% stake in Encorp.
The company said Effendi had chosen to leave Encorp to focus on other interests and had achieved his personal goals for Encorp – quality projects in the pipeline along with a gross development value of about RM3.5bil.
“I leave Encorp to capable, dedicated and passionate leaders, who have journeyed with me since we started,” Effendi said.
Encorp had won a number of projects recently, including an RM69.9mil construction contract from NRY Architects Sdn Bhd for the main contract works of a 30-storey serviced apartment on Jalan Raja Chulan, Kuala Lumpur, last month.
Hamzah has been on the board of Encorp since 2009 and began his tenure as non-executive chairman on July 23.
The group said the main contract was expected to contribute positively to its earnings and net assets for the financial years during the contract’s period.
On the other note, Encorp shares have been on an uptrend since July 15 from 66 sen that day to its highest ever at 94 sen on July 22. Yesterday, the shares closed at 93.5 sen with 1.02 million shares done.
Meanwhile, Bernama reported that Encorp Construct Sdn Bhd, a wholly-owned unit of Encorp Construction & Infrastructure Sdn Bhd, has bagged a main contract to build a business centre in Sepang for RM114.062mil.
Encorp Construction & Infrastructure is a wholly-owned unit of Encorp Bhd.
In a filing with Bursa Malaysia, Encorp said the contract, which included the construction and completion of four-storey offices and five-level parking lots, was for 24 months starting Sept 2.