PETALING JAYA: MMAG Holdings Bhd
announced that Datuk Wira Farhash Wafa Salvador JP is now a substantial shareholder after acquiring 20% of the group.
In a filing to Bursa Malaysia, the integrated supply chain management provider said he has also been appointed as a non-independent non-executive chairman of the group.
According to the group, Farhash has an abundance of experience and has worn many hats as an entrepreneur, advisor and consultant.
“He is currently the group executive chairman of Apex Equity Holdings Bhd. He is also the non-independent non-executive chairman of 7-Eleven Malaysia Holdings Bhd and the executive chairman of both Excel Force MSC Bhd and Key Alliance Group Bhd,” it said.
Farhash also sits on the advisory board for a non-government organisation that aims to empower entrepreneurship, Yayasan Usahawan Malaysia.
Meanwhile, over the week, the MMAG noted that Chan Swee Ying and Chin Boon Long have ceased to be substantial shareholders of the group. Chan Swee Ying has also resigned as alternate director to Chin Boon Long.
“MMAG appointed See Toh Kean Yaw, executive director of Velocity Capital Partner Bhd as a non-independent and non-executive director on March 27. This comes following Velocity's acquisition of a 6.49% stake in MMAG on March 3 as announced via a Bursa Malaysia exchange filing on March 4. See Toh Kean Yaw serves as a board representative of Velocity on MMAG’s Board,” the group said.
It also appointed Erna Ismail, executive director of NexG Bhd, as a non-independent and non-executive director.
NexG recently bought 175 million shares or 9.35% stake in MMAG with the hope it will provide an opportunity for the company to diversify into other segments such as investing in MMAG’s supply chain management business.
