Telekom Malaysia shares down after acting CEO resigns

KUALA LUMPUR: Shares in Telekom Malaysia Bhd (TM) fell in early trade Monday after it announced the resignation of acting group chief executive officer Datuk Bazlan Osman effective immediately.

The telecommunication giant fell 4.62%, or 11 sen to RM2.27.

TM said Bazlan has left to pursue other interests.  

Bazlan, 54, was appointed to the post in June following the departure of Datuk Seri Mohammed Shazalli Ramly. He will remain as the company’s executive director until Feb 28, 2019 as part of a transition deal.

To fill up the vacancy at the top, TM has appointed current chief operating officer Imri Mokhtar to assume the role of acting group CEO with effect from Nov 16.

StarBiz also reported that TM is at risk of finding itself out of the FBM KLCI when the constituents of the index are reviewed next.

Its market capitalisation has fallen from RM22.7bil at the beginning of the year to just over RM9bil, putting it out of the 30 largest companies on Bursa Malaysia.

Meanwhile, TM also announced that its Internet services have been down since Saturday (Nov 17) night due to multiple fibre cable cut incidents by third-party contractors in Sentul and Sabak Bernam.