Two more Malaysian institutions with government stake to get new chiefs

Telekom Malaysia chief executive officer Mohammed Shazalli Ramly (left) and Astro Malaysia Holdings CEO Rohana Rozhan have quit.
Telekom Malaysia chief executive officer Mohammed Shazalli Ramly (left) and Astro Malaysia Holdings CEO Rohana Rozhan have quit.PHOTOS: BLOOMBERG, ASTRO MALAYSIA

KUALA LUMPUR - The chief executive officers of two more Malaysian institutions are leaving in a tide of departures under new Prime Minister Mahathir Mohamad.

Telekom Malaysia's Mohammed Shazalli Ramly, who joined the company only last year, has resigned, the company announced on Wednesday (June 6).

Astro Malaysia Holdings said on Thursday (June 7) its CEO Rohana Rozhan has quit, and her resignation will take effect from Jan 31.

She will remain on the board as a non-executive director. Astro group chief content consumer officer Henry Tan, who has been with the pay-TV operator for more than 10 years, will be her successor.

The departures came after central bank governor Muhammad Ibrahim resigned this week, three years before the end of his term. He is the latest top official to depart since Tun Dr Mahathir ousted former prime minister Najib Razak in a landmark election last month.

Malaysia is also looking to replace Tajuddin Atan, the stock exchange's chief executive, whose term is not due to end until March next year, according to Reuters.

Mr Aninda Mitra, senior sovereign analyst at BNY Mellon Investment Management, told the Financial Times there is a broad clear-out of officials going on in Malaysia that is "going to be sweeping".

 

Shares of Telekom Malaysia have fallen about 43 per cent over the past 12 months, giving it a market value of US$3.5 billion. The carrier reported last month that its first-quarter net income fell 32 per cent to RM157.2 million.

Malaysian sovereign wealth fund Khazanah Nasional owns about 26 per cent of the company, according to data compiled by Bloomberg.

Astro Malaysia has not fared well either. Net profit for the first quarter ended April 30, 2018, declined to RM173.87 million from RM192.35 million recorded in the same period last year.

Tycoon T. Ananda Krishnan controls a 40.9 per cent stake in Astro as at April 10, the company's latest annual report shows. Khazanah Nasional owns 20.7 per cent, while state-owned pension fund Employees Provident Fund holds 7.8 per cent.