KUALA LUMPUR (Jan 4): Langkawi Member of Parliament Datuk Mohd Suhaimi Abdullah has resigned as group managing director (MD) of Silver Ridge Holdings Bhd effective Wednesday (Jan 4) and will be replaced by his son Syauqat Mohd Suhaimi.
Syauqat will also hold the position of chief executive officer as his sister Satila Mohd Suhaimi has stepped down from the post.
In addition, Azhar Taib @ Jalal resigned as chief financial officer, according to company filings with the bourse.
Suhaimi resigned to “pursue personal interest”, Silver Ridge said in a filing.
Suhaimi, 64, holds a direct interest of 28.45 million ordinary shares in Silver Ridge.
He had unseated former Prime Minister Tun Dr Mahathir Mohamad as MP in the recent 15th General Election after winning with a majority of 13,518 votes.
He competed under the Perikatan Nasional ticket, and was a member of the Dewan Negara over the period 2014 to 2020.
According to Silver Ridge’s annual report, Suhaimi established the company in 1995 and was appointed as MD in March 2006.
Syauqat, 29, was previously the company’s alternate director. His sister Satila, 38, has resigned from the CEO position "to focus on the role of executive director”.
Syauqat, Satila and another sibling Syakur Mohd Suhaimi, 35, are executive directors of Silver Ridge.
For the first quarter ended September 30, 2022 (1QFY2023), Silver Ridge posted a wider net loss of RM1.03 million from a net loss of RM425,000 in (1QFY2022). Revenue for the quarter amounted to RM2.56 million, a 57% increase from RM1.63 million in 1QFY2022.
It attributed the gain in revenue mainly to a new contract “Network Interface Development” that was executed in 1QFY2023.
As for the wider net loss, Silver Ridge attributed it to higher costs of materials in several existing projects as well as administrative expenses from a newly acquired subsidiary company.
Moving forward, the group said it will strive to improve its efficiency and profitability by focusing on better margins in the product mix.
Shares of Silver Ridge closed one sen or 7.41% higher at 14.5 sen, which translates into a market capitalisation of RM27.66 million.
Source: TheEdge - 5 Jan 2023
