Malakoff redesignates Che Khalib as chairman starting January

KUALA LUMPUR (Dec 23): Power and water company Malakoff Corp Bhd (KL:MALAKOF) has redesignated its executive vice-chairman Tan Sri Che Khalib Mohamad Noh as non-independent non-executive chairman, effective from January 2025.

Che Khalib, 59, will replace Tan Sri Dr Ahmad Tajuddin Ali, who will step down from the chairman's position after completing his three-year term, Malakoff said in a bourse filing on Monday.

Che Khalib is currently the group managing director of MMC Corp Bhd, and previously served in the power industry as the president and CEO of Tenaga Nasional Bhd (KL:TENAGA), a position he held for eight years from 2004.

He is also serving on the boards of various companies, including Gas Malaysia Bhd (KL:GASMSIA), Johor Port Bhd, and Bank Muamalat Malaysia Bhd.

The accountant by training began his career with Ernst & Young in 1989, and later worked at Bumiputra Merchant Bankers Bhd. He has held various positions across several other listed companies, including the Renong Group, Ranhill Utilities Bhd (KL:RANHILL), KUB Malaysia Bhd (KL:KUB), and later DRB-Hicom Bhd (KL:DRBHCOM) as the chief operating officer for finance, strategy, and planning.

Khalib was a member of the board and executive committee of sovereign fund Khazanah Nasional Bhd from 2000 to 2004, and served on the boards of United Engineers Malaysia Group and Bank Industri & Teknologi Malaysia Bhd.

Che Khalib holds 420,000 shares in Malakoff, while Tajuddin holds 50,000 shares, the filing showed.

Malakoff returned to profitability for the third quarter ended Sept 30, 2024 (3QFY2024), posting a net profit of RM58.75 million, compared to a net loss of RM109.42 million in the same quarter last year.

The improved performance was mainly driven by lower weighted average coal cost following the stabilisation of global coal prices, coupled with Tanjung Bin Energy Sdn Bhd's settlement of final insurance claims related to a turbine blade failure that occurred in November 2021.

Revenue for the three months rose 3% year-on-year to RM2.22 billion, up from RM2.15 billion.

Shares in Malakoff ended one sen or 1.3% higher at 78.5 sen on Monday, valuing the company at RM3.93 billion. The counter is up 23% this year.