Ex-IGP Fuzi Harun, accountant Christina Foo appointed as Ancom Nylex directors

TheEdge Mon, Sep 19, 2022 06:59pm - 1 year View Original


KUALA LUMPUR (Sept 19): Ancom Nylex Bhd has appointed former police chief Tan Sri Mohamad Fuzi Harun and chartered accountant Christina Foo as independent and non-executive directors effective immediately.

Fuzi, 67, is a retired inspector general of police (IGP) of the Royal Malaysian Police where he served for 35 years in various capacities.

Foo, 61, currently sits on the board of UEM Sunrise Bhd and Malaysian Technology Development Corporation Sdn Bhd, the chemical group’s Bursa Malaysia filings showed on Monday (Sept 19).

Notably, Foo’s appointment came just days after she was appointed as an independent and non-executive director of Star Media Group Bhd.

As for Fuzi, he currently serves as the independent non-executive chairman of Jaya Tiasa Holdings Bhd, Tropicana Corp Bhd and SIAB Holdings Bhd.

Meanwhile, Ancom Nylex also announced the resignations of Tan Sri Dr Lin See Yan and Edmond Cheah Swee Leng as independent and non-executive directors as well as Lim Hock Chye as non-independent and non-executive director.

All three cited “other commitment” as their reason for resigning.

Lin, 83 was appointed to the board on Oct 30, 2000. Cheah, 68, joined the board on Aug 30, 2005 while Lim, 67, was appointed on Dec 1, 2011, according to Ancom Nylex’s 2021 annual report.  

Ancom Nylex (formerly known as Ancom Bhd) reported a bumper profit in the financial year ended May 31, 2022 (FY22).

Its net profit for the fourth quarter ended May 31, 2022 (4QFY22) swelled more than four times to a record high of RM31.92 million from RM7.42 million in the same period last financial year, mainly on improved sales performances by its industrial chemicals and agricultural chemicals divisions.

Quarterly revenue grew 26.8% to RM565.45 million from RM445.89 million in the previous financial year's corresponding quarter.

For the full FY22, Ancom Nylex's net profit more than doubled to RM68.18 million from RM23.75 million a year ago. Annual revenue jumped nearly 31% to RM2.01 billion from RM1.54 billion.

Ancom Nylex's share price finished 1.52% or 1.5 sen lower at 97.5 sen on Monday, giving it a market capitalisation of RM898.7 million.

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