joint letter to shareholders - malaysiastock.biz 2015. 5. 22. · 10.0% of perodua domestic vehicle...
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MBM RESOURCES BERHAD8
Joint Letter to SharehoLderS
Annual Report 2014 9
MBM RESOURCES BERHAD10
Joint Letter to SharehoLderS
Annual Report 2014 11
MBM RESOURCES BERHAD12
Joint Letter to SharehoLderS
Motor Trading
Our Motor Trading Division in Numbers
Annual Report 2014 13
The Volvo dealership made gains with a 43.9%
growth in sales, driven by the popular V40
and XC60 models. We believe the recovery
in Volvo car sales seen in the last two years
is sustainable as the model lineup is being
refreshed with a series of appealing new
products to be launched, including the all-new
XC90 later this year. Our long term partnership
with the Volvo brand dates back 55 years, and
this year also marks the return of the Volvo
dealership in Kuala Lumpur back to its original
landmark location after the redevelopment of
the original site into MBMR’s new headquarters,
Menara MBMR in Jalan Syed Putra.
The Mitsubishi dealership, where we now have a
network of four outlets, have grown steadily over
the years as the product range have extended from
the best selling Triton pick-up trucks to include the
compact cars, Mirage and Attrage, and the now
locally assembled ASX SUV.
Although sales of Volkswagen cars have
declined further in 2014, we focused on
consolidating our position after the steep
growth in recent years. The various initiatives
taken by the principal, Volkswagen Group
Malaysia, are beginning to take effect in turning
around the brand’s presence in Malaysia. The
aggressive promotional programmes coupled
with reinforced aftersales nationwide coverage
is showing early signs of a recovery in our sales
volumes.
Our Perodua dealership continued to
command a considerable market share of
10.0% of Perodua domestic vehicle sales. After
a slow start to the year, the Axia model helped
boost sales in the fourth quarter. Sales dropped
by 4.1% in 2014 but in the fourth quarter sales
grew by 0.9% compared to the fourth quarter
of 2013.
The commercial vehicle market reflected
overall weaker sales, compounded by tight
financing, slower demand from the economic
sector and lower demand for buses from the
tourism industry. Our sales of Daihatsu and
Hino vehicles consequently fell by 10.4% and
14.6% respectively.
Our overall group vehicle sales dropped by 6.3% with the
absence of any major new model launches, with the exception of
the Perodua Axia in the latter part of the year. Our dealerships
however, held on to its market share for the brands we represent as there were no major addition to our distribution network during the year. In the face of the challenging market, we however focused on preserving our margins by less discounting, cost curtailment and continuing with growing the higher marginedaftersales revenues.
MBM RESOURCES BERHAD14
Building the momentum from aftersales incomeWe continue to leverage on our strong vehicle
sales of the past few years to drive the growth
in our aftersales revenues. We believe this
segment of the Motor Trading business will
provide us with the sustainable recurring
income to help boost our overall gross profit
margins. Although the Ringgit value of the
aftersales and parts business is relatively small
in relation to the value of vehicles sold, the
contribution margin is significant in helping us
drive our overall margins higher.
Growth in service throughputsDuring the year the Group serviced a combined
total of 184,000 vehicles, a growth of 10.3%
from the previous year. Our nationwide
network is well positioned with the capacity
to support this growth. Our focus is to ensure
our customers return to service their vehicles
with us during both the warranty and post-
warranty periods. This recurring income forms
an integral part in our strategy in placing
greater emphasis on aftersales contribution to
our gross profit margin.
Joint Letter to SharehoLderS
Growing Contribution of Aftersales and Parts to Gross Profits
Aftersales Throughput
Volkswagen service centre in Glenmarie
Annual Report 2014 15
Our accessories and car care grooming
product offerings have also expanded to boost
the Ringgit value sales per customer. We have
found there to be a significant demand from
our customers for these offerings, both at the
point of new vehicle sales as well as vehicles
returning for servicing. This helps support our
long-term relationship with our customers
and differentiating our dealerships from the
competition.
Williams Car Care at Federal Auto, Glenmarie
Aftersales Ringgit Value Per Car
MBM RESOURCES BERHAD16
Our Manufacturing Division in Numbers
Auto Parts Manufacturing
Joint Letter to SharehoLderS
Annual Report 2014 17
Weaker Total Industry ProductionOur Auto Parts Manufacturing Division has
all the major car makers as our customers.
Despite a diverse customer base, our revenues
are concentrated with the top three customers
accounting for 86% of the Division’s revenues.
The overall industry’s lower production, TIP fell
by 0.8%, understates the underlying weaker
production in the industry. The national makes
total production fell by 11.2% for the year.
Our deliveries were therefore negatively
impacted, with declines recorded for our main
products.
Steel wheel deliveries declined by 16.2% in
2014 as the shift in preference to alloy wheels
continued with new model launches by our
customers. The OMI alloy wheel business
under its wholly-owned subsidiary, OMI Alloy,
started supply of alloy wheels to Perodua
in March 2014. The volumes have
been steady and had a
major uptake in
the fourth
quarter for the supply of wheels for the new
Myvi which was launched in January 2015. The
operating losses at OMI Alloy widened in 2014,
as production volumes remained below the
optimum level.
Hirotako Acoustics Sdn Bhd recorded better
performance as it continued to enjoy the full
year impact of higher volumes for the models
it supplies to. Contribution from the felt
line improved further as utilisation rate has
increased significantly as we secured orders
from external customers.
OMI’s alloy wheel plant in Sungai Choh,Selangor. The plant annual capacity
in 2014 was 500,000 wheels
MBM RESOURCES BERHAD18
Joint Letter to SharehoLderS
Jointly Controlled Company
Autoliv Hirotako Sdn Bhd (AHSB) recorded
lower revenues for the year. Our growth is
dependent on the TIP. As we had earlier
highlighted, the lower TIP, particularly of the
national makes, have impacted on our sales.
We are however, seeing a pick-up in demand
this year as the new model launches in the
latter part of 2014, have contributed to a
recovery in the production numbers.
Our Focus on Cost ManagementThe automotive industry faces intense
competition. As suppliers, we continuously
face pressure to reduce our prices in particular
for new product launches. Additionally for this
year, the weak Ringgit has added the costs of
our imported parts and materials, which are
mainly denominated in US Dollars, Thai Baht
and the Euro.
In order to defend our margins and profitability,
we have intensified our own cost reduction
exercises.
We aim to lower our direct material costs
through rationalising of our supply sources,
hence our ability to leverage on greater volumes
over less number of suppliers. Similarly, we
have through our engineering and design
capabilities look to standardising our products
and components so as to help our suppliers
lower their costs, and consequently our costs
too. Productivity improvement programmes
are conducted vigorously throughout the year.
OMI in 2014 successfully participated in the
Toyota Production System (TPS) programme
at its Shah Alam plant. The programme focused
on improving OMI’s production, system and
warehousing and distribution processes.
TPS Programme at OMI
Steering wheel manufacturing at AHSB
Annual Report 2014 19
Associate Companies
Perodua and Hino new plants started production in 2014Hino’s new plant in Sendayan, Negeri
Sembilan, commenced production in April
2014. The plant, costing RM172 million, took
five years from planning to completion with an
annual production capacity of 10,000 units of
vehicles. The plant manufactures the full range
of Hino products from light, medium and heavy
duty trucks and buses. The plant reinforces
Hino’s almost four decades long presence in
Malaysia, allowing it the flexibility and to be
more responsive to market demand.
Hino sales dropped by 14.7% during the year,
larger than the drop in the truck and bus
market of 4.4%. The intense competition in
the light commercial vehicle market and softer
bus market were the major contributors for
this decline. A more aggressive marketing
campaign coupled with a competitive product
lineup is expected to help Hino recover some
of its market share. Hino however maintained
its overall No.1 position in 2014.
Perodua’s overall registrations grew by 1.8%
for the year, maintaining its leading position
in Malaysia with a market share of 33.9%.
The fourth quarter growth of 13.5% is more
reflective of the overwhelming response to
the launch of the new Perodua Axia. The new
model, classified an Energy Efficient Vehicle
(EEV) under the National Automotive Policy
(NAP), was launched in mid September, and
had received 13,500 bookings by its launch
date. The Axia is the first model to be made at
Perodua’s new state-of-the-art manufacturing
facility in Rawang, Selangor. This highly
automated RM790 million plant has an annual
capacity of 100,000 vehicles based on 1-shift
cycle. It marks a significant step in Perodua’s
transformation in enhancing its global
competitiveness. As at the end of March 2015,
Perodua had delivered over 60,000 Axias to
its customers.
With further emphasis on strengthening its
presence in Malaysia, Perodua and Daihatsu
Motor Company Ltd (Daihatsu) announced
during the year plans to invest in a RM600
million new engine plant in Sendayan, Negeri
Sembilan. Daihatsu will hold 51% in the new
engine manufacturing company with Perodua
holding the remaining 49%. Together with
an earlier investment made with Daihatsu in
an Electronic Automatic Transmission (EAT)
plant, Akashi Kikai Industry Malaysia Sdn
Bhd, Perodua stands to enhance its global
competitiveness by bringing down its costs,
increasing its localisation and introducing
advanced technology to the domestic
automotive industry.
Hino manufacturing plant official opening ceremony
on 26th August 2014
MBM RESOURCES BERHAD20
Joint Letter to SharehoLderS
Dividends and Shareholder Returns
With strong operating cash flow and
moderating capital expenditure requirements,
the Board declared for the financial year
two interim dividends of 4 sen each paid on
19th September 2014 and 25th March 2015
respectively. The total dividends for the year
of 8 sen per share is a jump of 33% from 2013
of 6 sen.
Average shareholders return of 19.1% over the last five yearsWe aim to achieve a long term sustainable
shareholders returns of at least 10% per
annum. We have made major investments
in positioning the MBMR Group for future
growth by laying strong foundations to tap on
opportunities and new developments in the
automotive industry. Our dividend policy is
progressive, maintaining a regular and stable
payout and rewarding shareholders with
special dividends on exceptional gains. Our
average shareholders return over the last five
years of 19.1%, comfortably exceeded our long
term target.
Outlook Momentum to gather paceWe enter 2015 with optimism. We expect
the momentum that we have built last year
to gather pace. For 2015 the Motor Trading
Division will benefit from new model launches
by our brand partners. We expect these new
product launches during the year to drive our
growth in sales. We anticipate this to be an
exciting year with some of the most advanced
technological products with the latest market
leading features to be introduced to our
market. Our aftersales revenues are expected
to continue to expand, driven primarily by our
new vehicle sales, our expanded service bay
capacity and improvement in productivity.
We expect losses from our plant investments
to narrow this year. Volume production is
increasing which will help lower our unit cost
of production.
Planned CAPEX of RM45.9 millionOur capital expenditure plans for the year will
support our long-term growth strategy. This
includes further enhancing our Motor Trading
distribution network and capacity increases at
the alloy wheel plant. Additionally, investments
will be made in tooling to support the supply
programmes we secured from our major
customers for production next year.
Distribution network enhancement and new model launchesDuring the year we will see further investments
in strengthening our distribution network.
DMMS is currently enhancing the 3S facilities
in Johor Baru, with expanded capacity for
both its sales and service operations.
AvERAGE ANNuAlSHAREHOlDERS’RETuRN (2010-2015)
19.1%
Federal Auto Holdings Bhd (FAHB) will be
relocating back its Volvo Kuala Lumpur
dealership to Menara MBMR after it vacated
for the redevelopment of the property into
MBMR’s new 24-storey office block. This will be
our new Volvo flagship dealership, timed for
the launch of the all-new XC90 later in the year.
The launch of the all-new Triton in the first
half of 2015, will provide the impetus for the
Mitsubishi brand to further strengthen its
position in the domestic market as well as in
the pick-up segment.
Our Volkswagen dealership will get an
additional branch in Sri Hartamas, Kuala
Lumpur. This new 3S dealership is well
located to capture the affluent surrounding
neighbourhood and will offer better access for
current Volkswagen customers to service their
vehicles.
Iveco distributorship to commence this yearIn August 2014, we announced that via F.A.
Trucks Sdn Bhd, a wholly subsidiary of FAHB,
had signed a Distributorship Agreement with
Iveco S.p.A to be an authorised distributor
for the sale and service of Iveco vehicles in
Malaysia. This additional brand under the
Group will help broaden our revenue base
and complement our existing operations.
Iveco is an established Italian industrial vehicle
manufacturing company, offering a wide range
of vehicles from light, medium and heavy
commercial vehicles to specialist vehicles for
applications in firefighting and military and
civil defence use. We expect to commence our
operations later this year and to establish a
distribution and service network in phases.
Expected significant jump in alloy wheel production this yearWe anticipate the volume production of alloy
wheels to take off significantly this year as we
have secured the supply of wheels to Perodua’s
other models, Additionally, our supply to the
REM market in Germany will also see major
uplift as we secured the supply to additional
customers. Earlier this year, we were confirmed
as an approved supplier of alloy wheels to
Volkswagen, initially to support their assembly
in Pekan, Pahang. The preparations for the
commencement of production are underway
and we target to supply the first wheels to
Volkswagen by the third quarter of 2016.
MBM RESOURCES BERHAD22
Joint Letter to SharehoLderS
Recognition of Menara MBMR revenues and profits in 2015Menara MBMR is now completed. The
redevelopment of this previous FAHB Volvo
sales and service branch into a 24-storey
Grade A office has enabled us to to realise
the value of this prime asset with a Gross
Development Value of RM240 million.
The volatility in the currency markets is
causing uncertainties on its impact on our
margins in the Auto Parts Manufacturing
division. We will tighten our cost discipline
further and focus on our continuous
productivity improvements.
OMI Alloy to invest in Phase 3 capacity expansionAs our volumes are expected to be ramped
up this year, OMI Alloy’s losses are expected
to narrow. Our Phase 3 programme to increase
the capacity of the alloy wheel plant by
another 250,000 pieces per annum to a total
rated capacity of 750,000 per annum is now
underway and expected to be commissioned
by the fourth quarter of this year.
Content of safety products per vehicle set to increaseAlthough we expect Malaysian TIV to grow
moderately in the next few years, we remain
optimistic of the growth prospects for our
passive safety products by expanding our
sales of content per vehicle. Our growth will
be driven by new technologies and higher
value-added features of our safety products.
In recent new model introductions, our
customers are installing more airbags and
more advanced seatbelt systems in line with
global trends towards higher safety standards.
The ASEAN NCAP has also played an integral
part in pushing the industry towards improving
their crash test ratings by improving the
safety standards and design of their vehicles.
AHSB secured new projects for the supply
of airbags, seat belts and steering wheel to
two major customers for commencement of
production in 2016.
Menara MBMR
Annual Report 2014 23
long Term Incentive Plan (lTIP)
During the year shareholders of MBMR
approved a LTIP to be implemented for its
employees and executive directors to help
retain, motivate and reward key employees
of the MBMR Group. The LTIP also serves to
align the interest of eligible employees with
long term shareholder value enhancement.
The Board believes that the LTIP will
complement the existing rewards structure
in setting the right performance culture in
the organisation and recognising the key
employees in driving the growth of the
Group’s performance.
Appreciation
On behalf of the Board of Directors, we wish
to thank all our stakeholders, including our
customers, business partners, bankers and
shareholders for their trust and support
of the Group. Our appreciation also goes
to our employees for their continued
dedication and commitment. To our fellow
Board members, we thank them for their
invaluable guidance and advice during the
year.
Dato’ Abd Rahim Abd Halim
Chairman
looi Kok loon
Group Managing Director
22 May 2015
OMI Team building 2014 HASB Team building 2014
MBM RESOURCES BERHAD24
At MBMR, we have built in a culture of a responsible corporate in the way we conduct our business.
We continue to refine our approach with the changing business environment.
WorkplaceOur people form the foundation of the success of MBMR. We believe in attracting skilled talents and
developing and retaining them as our employees by keeping them engaged and motivated in helping
grow our business. We have scheduled training sessions to empower and enhance the skills of our
employees; we have regular employee communication such as holding staff assemblies; we organise
team building sessions and business retreats to keep our staff engaged, motivated and aligned with
the group’s strategy for expansion and growth; we support results-driven behaviour and encourage
entrepreneurship and creativity; safety at the workplace is of great importance and we continue to
target zero injuries in our workplace; we conduct safety awareness campaigns and training to help our
employees prevent any future risk of accidents.
The Company has a policy for the Group to cultivate an inclusive workplace that reflects
the national mix of gender, age, ethnicity as well as the variegated cultural
and social backgrounds existing in Malaysia. We see this as an essential
principle for the whole organisation to be embedded into its corporate
strategies, decisions and processes. Our inclusiveness and diversity
policy is aimed at promoting and maintaining a balanced and
harmonious workplace that is vital for corporate sustainability
and continuous improvement.
MarketplaceWe continue to strive to serve our customers with
the best service and produce products of highest
quality. We build strong and deep relationships
with them and always try to understand their
needs and what matters most to them. We
actively participate in vendor programmes
to support lean production systems in the
face of pressure of lowering costs. We
continuously develop our relations with
our main suppliers to build a strong
partnership in ensuring our supply base
is supportive of our operations. OMI
received the Best Vendor Delivery award
2014 from Perodua.
SociaL reSponSibiLity
Annual Report 2014 25
EnvironmentWe are constantly creating awareness of the
impact of the way we conduct our business has
on the environment. We continuously assess
energy saving programmes to reduce energy
consumption in our operations; we actively
explore new methods of carrying out our
processes to minimise wastes and where
possible, to encourage recycling. Our
manufacturing facilities are Environment
Management System (EMS) MS ISO
14001 and Occupational Health and
Safety Management System (OHSAS
18001) certified.
CommunityMBMR encourages and provides
opportunities for its employees to
participate in community service
programmes. We support local charities
and initiatives in the communities we
operate in. As in previous years, we have
supported the Pusat Penjagaan Kanak-kanak
Cacat Taman Megah, home for special needs
children, the Al-Munirah, Johan Setia orphanage
in Klang, House of Joy, Puchong and Rumah Alam
Limpahan Kasih, Puchong. We were sponsors of the
Relay for Life event organised by the National Cancer
Society Malaysia for the fifth year in a row.
Our joint venture, AHSB, plays an important role in the
automotive industry in making products that help save lives and
reducing traffic injuries. Therefore, helping to save lives with the
installation of our products in vehicles is our core contribution to our
social responsibilities. We also initiate road safety campaigns internally
as well as for the public to raise the safety awareness on the roads. We
support agencies on road safety such as the Malaysian Institute of Road
Safety Research (MIROS) by participating in their programmes and
developments on road safety issues.
MBM RESOURCES BERHAD26
the year at a GLance
17 AprilHino Sendayan Plant Official Line-off Ceremony
20 AugustAnalyst Briefing
22 AprilNew Daihatsu GranMax
17 June Annual General Meeting
26 AugustHino Motors Manufacturing (Malaysia) Sdn. Bhd.Official Opening Ceremony
Annual Report 2014 27
15 SeptemberVisit by Mr. Koichi Ina, Chairman of Daihatsu Motors
15 SeptemberPerodua Axia Launch
27 OctoberPerodua’s New Engine Plant Ground Breaking Ceremony
17 SeptemberVisit by Nagoya Daihatsu
19 NovemberExtraordinary General Meeting
MBM RESOURCES BERHAD28
board of directorS’ profiLeS
Y. BHG. DATO’ ABD RAHIM ABD HAlIMAged 66, MalaysianChairmanNon-Independent Non-Executive Director
Y. Bhg. Dato’ Abd Rahim was MBM Resources Berhad’s (MBMR)
Managing Director until 28 February 2006. He is currently the
Chairman of MBMR. Prior to his appointment to MBMR’s Board
on 17 December 1993, he was the Chairman of Daihatsu (Malaysia)
Sdn. Bhd. (DMSB). Dato’ Abd Rahim has extensive experience in
the motor vehicle industry and is presently on the Board of Rubberex
Corporation (M) Berhad as well as several other private companies.
He is also the Chairman of the Board of Oriental Metal Industries (M)
Sdn. Bhd. (OMI) and a Board member of Perusahaan Otomobil Kedua Sdn.
Bhd. (Perodua). He holds a Bachelor of Economics (Honours) degree from the
University of Malaya.
MS. WONG FAY lEEAged 51, MalaysianExecutive DirectorHead of Group Legal, Risk and Compliance Division
Ms. Wong has been Group General Counsel to the MBM
Resources Bhd group of companies since 2011. Ms. Wong started
her career in 1987 with the Sydney office of Mallesons Stephens
Jaques (now King & Wood Mallesons) as a corporate finance
lawyer and later joined the South East Asian practice of Mallesons.
Her former positions include having been a Manager in the Research
& Development Division with the Malaysian Securities Commission, Chief
Executive Officer of the Malaysian Derivatives Clearing House and an adviser
to the Clearing Division of the Hong Kong Exchanges and Clearing Limited. She is
also currently a director of Apex Investment Services Bhd. She has a Bachelor’s degree in law
from the University of Sydney and post-graduate qualifications in finance and investments
from the Securities Institute of Australia. She is admitted as a solicitor to the NSW Supreme
Court and the High Court of Malaya.
Annual Report 2014 29
ENCIK ISKANDER ISMAIl MOHAMED AlIAged 65, MalaysianSenior Independent Non-Executive Director
Encik Iskander was appointed to the Board of MBMR on 8 May 2009 and re-designated
Senior Independent Director on 22 August 2013. He is currently Chairman of MBMR’s Audit
and Risk Management Committee and a member of the Nominating and Remuneration
Committee. Encik Iskander is a member of the Malaysian Institute of Accountants and
fellow member of the Association of Chartered Certified Accountants and was
formerly the Executive Director and Chief Executive Officer of Kenanga Fund
Management Berhad.
Having worked in the fund management industry since 1982, he had
previously held various senior management roles in the fund management
division/ subsidiary of Bumiputra Merchant Bankers Berhad and MIDF
Berhad, where he was also a director of several MIDF subsidiary
companies.
He was the first (and for a few years thereafter) Chairman of the Malaysian
Association of Asset Managers, which he helped establish in November
1996. He also served on the Capital Market Advisory Council and was a
member of the Bursa Malaysia Securities Berhad Listing Committee and
of the Institutional Shareholders’ Pro Tem Committee under the Minority
Shareholder Watchdog Group.
He is an independent director of an asset management company in Malaysia and
also sits on the Board of Trustees of a local educational foundation.
MR. lOOI KOK lOONAged 48, Malaysian
Group Managing Director
Mr. Looi Kok Loon was appointed to the Board of MBMR on 18 May 2001
and subsequently Managing Director since 1 March 2006. He had
previously worked for a foreign investment bank, heading their Kuala
Lumpur office in 1996 and 1997 and was subsequently based in their
offices in London and Hong Kong. Mr. Looi holds a Bachelor’s degree
in Government and Economics from Brunel University and a Master’s
degree in Management from the University of Kent, United Kingdom.
He represents MBMR on the Boards of the following companies –
Perodua, Hino Motors Sales (Malaysia) Sdn. Bhd. (HMSM), Hino
Motors Manufacturing (Malaysia) Sdn. Bhd. (HMMM), DMSB, Federal
Auto Holdings Berhad (FAHB), Hirotako Holdings Berhad (HHB),
Autoliv Hirotako Sdn. Bhd. (AHSB), Hirotako Acoustics Sdn. Bhd. (HASB)
and OMI.
MBM RESOURCES BERHAD30
board of directors’ profiles
Notes:1. None of the Directors has any family relationship with any Director and/or major shareholder of the Company.2. None of the Directors has any conflict of interest with the Company.3. None of the Directors has been convicted of any offences other than traffic offences within the past 10 years.
ENCIK MuSTAPHA MOHAMEDAged 69, Malaysian
Independent Non-Executive Director
Encik Mustapha was appointed to the Board of MBMR on 25
February 2013 and is currently Chairman of MBMR’s Nominating
and Remuneration Committee and a member of the Audit and
Risk Management Committee. He is a member of the Malaysian
Institute of Accountants, Certified Public Accountants (Malaysia)
and a fellow member of the Association of Chartered Certified
Accountants. He was previously with Coopers & Lybrand Malaysia
(now known as Pricewaterhouse Coopers) for 22 years from 1971 to
1993 of which he was a Partner from 1987 to 1993. He previously served
as a director of Gadek Berhad, Gadek Capital Berhad, Ipmuda Berhad,
Credit Corporation of Malaysia Berhad, Ho Hup Construction Company
Berhad and MHC Plantations Berhad. He is presently a director of Majuperak
Holdings Berhad, Rubberex Corporation (M) Berhad and manages his own advisory
services firm.
MR. lOW HIN CHOONGAged 54, Malaysian
Non-Independent Non-Executive Director
Mr. Low Hin Choong joined the Board on 18 May 2001 and
is currently a member of the Nominating and Remuneration
Committee and chairs the Information Systems & Information
Technology Committee. He has more than 20 years experience in the
IT industry, having worked as a systems analyst and software manager.
He graduated from Queen’s University of Belfast, United Kingdom
with a Bachelor of Science (Honours) degree in Business Administration
& Computer Science and is currently managing his own successful software
applications business. He is also a director on the Board of HHB, AHSB and HASB.
Annual Report 2014 31
MANAGEMENT TEAM
ENCIK AqIl AHMAD AzIzuDDINAged 56, Malaysian
Non-Independent Non-Executive Director
Encik Aqil began his career with DMSB where he held various senior
management positions prior to his appointment to the Board of MBMR
on 18 May 2001. He is currently a member of MBMR’s Audit and Risk
Management Committee and the Chairman of DMSB, FAHB, HHB,
HASB and HMSM. He is also a director on the Board of Perodua,
HMMM and AHSB.
He holds a Bachelor of Science degree in Business Economics and
an Associate Degree in Commercial Graphics from Southern Illinois
University, USA.
Mr. Looi Kok LoonGroup Managing Director
Ms. Wong Fay LeeExecutive Director
Head of Group Legal,
Risk and Compliance Division
Mr. Cheng Seng FookDirector, Automotive Division
Mr. Poh Chee KwanGroup General Manager
Mr. Kong Kam SeongGroup Financial Controller
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