Ex-Tenaga CFO to join Maybank on June 1

Mohd Rafique Merican Mohd Wahiduddin Merican, 47, will take on the group CFO role at the country’s biggest banking group from June 1.

Maybank’s previous CFO, Datuk Khairussaleh Ramli, is stepping down to take on a bigger role as president director of Bank Internasional Indonesia, the group’s Indonesian banking subsidiary.

“Mohd Rafique, with more than 20 years of corporate experience, will complement and strengthen further our group exco and senior
management team towards realising our aspiration to become a regional financial services leader,” Maybank’s president and chief executive officer Datuk Seri Abdul Wahid Omar said
in a press release yesterday.

Mohd Rafique, a chartered accountant who joined TNB in August 2009, has also previously been CFO at independent power producer Malakoff Bhd.

That Mohd Rafique is moving from one government-linked company) to another is unlikely to raise eyebrows as this has been the norm with past TNB management.

His resignation from TNB, however, did take many in the investment community by surprise.

It also means that there will soon be a fresh set of top management at TNB as its CEO Datuk Seri Che Khalib Mohd Noh had stated earlier this year that he plans to leave when his term ends this June, after seven years with the company.

TNB announced in a Bursa Malaysia filing on Thursday that Mohd Rafique was leaving the company, effective immediately, “to pursue better opportunity and career advancement”.

“This piece of news took us by surprise as we had not heard any rumours of Mohd Rafique leaving.

“As far as we understand, there are no negative developments surrounding (his) departure. We also understand that the management has already begun the search for a replacement,” OSK Research’s head of research Chris Eng said in a note to clients yesterday.

He believes these latest developments will have minimal disruption to TNB’s activities given that all standard operating procedures should already be in place at the GLC.

Eng maintained his “buy” call and target price of RM7.68 on the stock.

TNB is due to release its second-quarter financial results on April 12, where it is widely expected to return to the black after a first-quarter net loss of RM224.7 million.

TNB blamed its first-quarter loss on a shortage of gas, saying it had to rely on more expensive oil and distillates to generate electricity.

Hong Leong Investment Bank Research believes the company may report a net profit of RM2.7 billion in the second quarter as it recognises a RM2 billion fuel compensation from the government and Petroliam Nasional Bhd, and foreign exchange translation gains of about RM660 million.

It maintained its “hold” call on target price of RM6.54 for TNB’s shares.

The shares, which have appreciated by 10 per cent this year, beating the stock market benchmark index’s 4.5 per cent gain, closed one sen higher to RM6.49 yesterday.


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