KUALA LUMPUR (June 1): Puncak Niaga Holdings Bhd has appointed Datuk Yusof Badawi, the managing director of its recently-acquired TRIplc Bhd, as executive director for its operations division.

Yusof was also appointed as the managing director of Puncak Niaga Construction Sdn Bhd, with both appointments becoming effective today, Puncak Niaga said in a filing with Bursa Malaysia.

In a separate filing, Puncak Niaga said Datuk Randhir Singh has resigned from his post as executive director “to pursue his personal interests”.

Puncak Niaga had announced the proposed acquisition of TRIplc for RM210 million in December 2016, in order to expand its construction division. 

TRIplc’s shareholders had in February this year, approved the group’s restructuring and transfer of listing status to Puncak Niaga’s subsidiary Pimpinan Ehsan Bhd (PEB), before being sold to Puncak Niaga. PEB subsequently took over TRIplc’s listing status earlier this month.

For its first quarter ended March 31, 2018 (1QFY18), Puncak Niaga posted a lower net loss of RM13.69 million, compared with RM42.72 million in the previous year’s corresponding quarter, on the back of higher revenue.

Revenue in the quarter climbed 45.19% to RM29.5 million versus RM20.32 million a year ago, mainly on higher contribution from its construction and plantation divisions.

The group has proposed a single tier interim dividend of 0.5 sen per share.

Shares of Puncak Niaga closed up 2 sen or 3.81% at 54 sen today, giving the group a market capitalisation of RM251.58 million. Meanwhile, PEB saw its shares rise 7 sen or 2.92% to RM2.47%.