KUALA LUMPUR: UEM Sunrise Bhd has picked MMC Corporation Bhd's Anwar Syahrin Abdul Ajib as its new managing director and chief executive officer with effect from Sept 1, 2014.
It said on Thursday Anwar, 41, was formerly group chief financial Officer and group head, ports & logistics Division at MMC Corp -- a position which he had assumed in 2008.
UEM Group Bhd group managing director and CEO Datuk Izzaddin Idris said Anwar Syahrin's selection came after a comprehensive review and assessment of internal and external candidates led by a special committee set up by the board of UEM Sunrise.
Izzaddin will be redesignated a non-independent non-executive director of UEM Sunrise on Sept 1. However, in his capacity as group managing director and CEO of UEM Group, he will continue to advise and support the management team of UEM Sunrise on key strategic matters.
UEM Group has a 66% equity stake in UEM Sunrise.
Izzaddin said at a time when UEM Sunrise is facing both challenges and opportunities, Anwar will provide a unique and different perspective to the Company's operations as well as the energy to propel UEM Sunrise and its employees to future success.
Anwar has a Bachelor of Engineering degree in mechanical engineering from Imperial College, London.
He is also a qualified chartered accountant and a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW) as well as a member of the Malaysian Institute of Accountants (MIA). He also holds an MBA from University of Salford, United Kingdom.
Anwar was previously employed with Arthur Andersen and Ernst & Young in Kuala Lumpur, Malaysia and Manchester in the UK.
He was formerly the chief financial officer of Port of Tanjung Pelepas and a co-owner and managing director of Business Associates Consulting Sdn Bhd, a boutique strategy and management consulting firm based in Kuala Lumpur.
Anwar started his career with Shell Malaysia Trading Sdn Bhd as a transport executive.
By The Star
Thursday, July 24, 2014
Moody's: Malaysia housing market may be peaking
KUALA LUMPUR: Moody's Investors Service expects an uptick in non-performing loans (NPLs), particularly in the household segment, in the South-East Asian banking system.
Moody's assistant vice president and analyst Simon Chen said on Thursday that in Asean, the Malaysian and Thai banking systems were the most exposed to increased asset-quality pressure in the household segment when rates rise.
"This is primarily because the ability of households in these countries to service their debt in a rising interest-rate environment will be negatively affected by consumers' high leverage at a time when the housing market in Malaysia may be peaking and Thailand faces elevated political risk," he said in reference to Moody's just-released report "Rising household leverage poses risks to Asean banks as the economic cycle shifts".
Moody's said the long positive credit cycle that has benefited banks in Asean might be on the verge of peaking. These would pose challenges for the lenders as pockets of asset-quality risk emerge due to tighter global monetary conditions.
"Our central scenario is that banking systems in Asean will be broadly resilient to the financial impact of a shift in interest rates, but we expect an uptick in NPLs, particularly in the household segment," said Chen.
Moody's report showed household debt has risen significantly in Asean in the past several years, with growth in bank loans to households outpacing loan growth to other borrowers.
Household leverage as a percentage of GDP was at historically high levels in Malaysia (A3 positive) (87% at end-2013) and Thailand (Baa1 stable) (82% at end-2013), and close to its five-year high in Singapore (Aaa stable) (75% at end-2013).
Although household debt has also risen significantly in Indonesia (Baa3 stable) and the Philippines (Baa3 positive), the growth in these countries was from a low base.
However, the report pointed out Asean bank asset-quality risk from residential property price corrections was mitigated by legal frameworks that support bank creditors.
Unlike in the US, banks in Asean have legal recourse to the borrowers on their debt obligations, beyond the underlying property assets mortgaged to the banks.
This feature provides greater creditor protection to banks, removes the incentive for borrowers to default on their mortgage obligations, and alleviates risks that housing NPLs will spike when property prices fall significantly.
Additionally, Moody's report notes that Asean banks have responded to regulatory measures aimed at curbing further increases in excessive household leverage.
Banks in Thailand, Malaysia, and Singapore had tightened their underwriting standards on household loans, which was positive for banks' asset quality over the longer term.
The banks also have strong buffers to withstand asset-quality shocks in the household segment, Moody’s said.
By The Star
Moody's assistant vice president and analyst Simon Chen said on Thursday that in Asean, the Malaysian and Thai banking systems were the most exposed to increased asset-quality pressure in the household segment when rates rise.
"This is primarily because the ability of households in these countries to service their debt in a rising interest-rate environment will be negatively affected by consumers' high leverage at a time when the housing market in Malaysia may be peaking and Thailand faces elevated political risk," he said in reference to Moody's just-released report "Rising household leverage poses risks to Asean banks as the economic cycle shifts".
Moody's said the long positive credit cycle that has benefited banks in Asean might be on the verge of peaking. These would pose challenges for the lenders as pockets of asset-quality risk emerge due to tighter global monetary conditions.
"Our central scenario is that banking systems in Asean will be broadly resilient to the financial impact of a shift in interest rates, but we expect an uptick in NPLs, particularly in the household segment," said Chen.
Moody's report showed household debt has risen significantly in Asean in the past several years, with growth in bank loans to households outpacing loan growth to other borrowers.
Household leverage as a percentage of GDP was at historically high levels in Malaysia (A3 positive) (87% at end-2013) and Thailand (Baa1 stable) (82% at end-2013), and close to its five-year high in Singapore (Aaa stable) (75% at end-2013).
Although household debt has also risen significantly in Indonesia (Baa3 stable) and the Philippines (Baa3 positive), the growth in these countries was from a low base.
However, the report pointed out Asean bank asset-quality risk from residential property price corrections was mitigated by legal frameworks that support bank creditors.
Unlike in the US, banks in Asean have legal recourse to the borrowers on their debt obligations, beyond the underlying property assets mortgaged to the banks.
This feature provides greater creditor protection to banks, removes the incentive for borrowers to default on their mortgage obligations, and alleviates risks that housing NPLs will spike when property prices fall significantly.
Additionally, Moody's report notes that Asean banks have responded to regulatory measures aimed at curbing further increases in excessive household leverage.
Banks in Thailand, Malaysia, and Singapore had tightened their underwriting standards on household loans, which was positive for banks' asset quality over the longer term.
The banks also have strong buffers to withstand asset-quality shocks in the household segment, Moody’s said.
By The Star
Anwar to head UEM Sunrise
KUALA LUMPUR: UEM Sunrise Bhd has named Anwar Syahrin Abdul Ajib as its new managing director and chief executive officer (CEO), effective September 1.
Anwar was formerly MMC Corp Bhd’s chief financial officer and group head of ports and logistics, a position he assumed in 2008.
UEM Group Bhd managing director and CEO Datuk Izzaddin Idris said Anwar will provide a unique and different perspective to UEM Sunrise’s operations as well as the energy to propel UEM Sunrise and its employees to future success.
“He has the qualities we were looking for in our search and is certainly qualified to lead UEM Sunrise,” Izzaddin said in a statement.
He added that Anwar’s selection came after a comprehensive review and assessment of internal and external candidates led by a special committee set-up by the board of UEM Sunrise.
By Business Times
Anwar was formerly MMC Corp Bhd’s chief financial officer and group head of ports and logistics, a position he assumed in 2008.
UEM Group Bhd managing director and CEO Datuk Izzaddin Idris said Anwar will provide a unique and different perspective to UEM Sunrise’s operations as well as the energy to propel UEM Sunrise and its employees to future success.
“He has the qualities we were looking for in our search and is certainly qualified to lead UEM Sunrise,” Izzaddin said in a statement.
He added that Anwar’s selection came after a comprehensive review and assessment of internal and external candidates led by a special committee set-up by the board of UEM Sunrise.
By Business Times
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