Syed Mohamed appointed Encorp chairman

MOU beetween Medini Iskandar Malaysia Sdn Bhd @ Square Holdings Sdn Bhd. IIB CEO Datuk Syed Mohamed Syed Ibrahim

KUALA LUMPUR: Felda Investment Corp Sdn Bhd’s (FIC) subsidiary Encorp Bhd has announced the appointment of Datuk Syed Mohamed Syed Ibrahim (pic) as chairman, about two weeks after Tan Sri Mohd Isa Samad resigned from the post. 

Syed Mohamed, 58, who is also FIC chairman, was appointed to Encorp board along with Datuk Muzzammil Mohd Nor and Hussein Ismail on Aug 14 as part of the nominee changes made by FIC, which owns a 70.8% stake in the property development and construction management group.

They replaced Isa, Datuk Noor Ehsanuddin Mohd Harun Narrashid and Datuk Hanapi Suhada.

Syed Mohamed is currently the president and executive director of another property firm, Iskandar Waterfront Holdings Sdn Bhd. 

Encorp, which also announced on Friday its interim financial results, said earnings for the second quarter ended June 30 fell 29% year-on-year to RM5.16mil on the back of 11% lower revenue of RM80.07mil.

“The decrease in revenue and profit before tax is mainly attributed from lower sales achieved and the tapering off of work progress by the property division as the Encorp Marina project is near its completion,”  it said.

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