KUALA LUMPUR: Ranhill Utilities Bhd has appointed five new directors, four of whom are linked to YTL Power International Bhd after the latter completed its takeover of Ranhill and its subsidiary on July 9.
YTL Power and its 70 per cent-owned subsidiary, SIPP Power Sdn Bhd, acquired Ranhill on July 9 as they completed the mandatory general offer (MGO) and secured a controlling stake of 53.19 per cent.
In a filing with Bursa Malaysia Securities, Ranhill named Yeoh Keong Yeen and Yeoh Keong Yuan as new executive directors, Faiz Ishak and Datuk Anuar Ahmed as non-independent directors, and Datuk Seri Dr Yusof Ismail as an independent director.
Keong Yeen and Keong Yuan are siblings and the grandchildren of YTL Power major shareholder Tan Kai Yong @ Tan Kay Neong.
Both Keong Yeen and Keong Yuan have a Master's degree in Civil Engineering and are the executive director in the construction division of the YTL Group.
Faiz Ishak, a graduate member of the Association of Chartered Certified Accountants (ACCA), previously served as a director of Transocean Holdings Bhd, YTL Corp Bhd, and YTL Power.
Meanwhile, Anuar Ahmed, who has over 30 years of business experience across various industries, particularly in energy and transportation, currently serves on the boards of several subsidiaries of YTL Power, as well as LBS Bina Group Bhd and Tenaga Nasional Bhd.
Yusof Ismail, a former administrative and diplomatic officer with more than 35 years of experience in the civil service, was the director general of the Malaysian Administrative Modernisation and Management Planning Unit (Mampu) from April 2020 to May 2023.
He currently sits on the boards of two Bursa-listed entities, Green Packet Bhd and AwanBiru Technology Bhd.
However, the group chairman position remains vacant, following the resignation of founder Tan Sri Hamdan Mohamad last Friday.
Ranhill's share closed 2.76 per cent or 4.0 sen lower at RM1.41 on Thursday, valuing the company at RM1.83 billion.
Ranhill's share price was trading at RM1.47 a share earlier, giving it a market capitalisation of RM1.89 billion.