Datuk Seri Effendi Norwawi
KUALA LUMPUR: Construction and property-based Encorp Bhd's next stage of growth would be "nothing short of spectacular" with the imminent launch of many high-value and unique projects, says its group chief executive officer, Yeoh Soo Ann.
He said on Thursday the projects would be synonymous with the Encorp brand, including the Encorp Strand Mall, set to be the Klang Valley's most exciting lifestyle community mall when it opens in late 2013.
Yeoh and chief operating officer Mohd Ibrahim Masrukin led the management buy-out of the company, which was mooted by its then executive chairman Datuk Seri Effendi Norwawi.
On Tuesday, Datuk Dr Md Hamzah Md Kassim was appointed the new non-executive chairman following Effendi’s exit.
Encorp said Effendi opted for the management buy-out option for his exit to ensure continuity and to bring to fruition the long-term aspirations for the company.
These aspirations were shared with his senior leadership team who have been with him since the inception of Encorp in 1997.
The company said Effendi decided to leave Encorp after he had achieved his personal goals for the group, which had projects with a gross development value of RM3.5bil.
Following his exit, Effendi would focus on his other interests, including returning to the media industry, furthering his passion for the arts and developing the next generation of Malaysian leaders.
"I leave Encorp to capable, dedicated and passionate leaders, who have journeyed with me since we started," said Effendi.
Encorp said Yeoh and Ibrahim played a central part in building the company. They are part of the same team that managed Encorp when Effendi was appointed Agriculture Minister and then as Minister in the Prime Minister's Department heading the Economic Planning Unit.
Encorp was most recently recognised for its excellent corporate governance practices at the 9th Corporate Governance Asia Recognition Awards in Manila and its construction unit, Encorp Construct Sdn Bhd has won numerous contracts and has an order book of over RM500mil.