Malaysian shipowner MISC Berhad has appointed an ex-government minister as its new chairman.
The VLCC and LNG carrier owner said 62-year-old trained lawyer Tan Sri Noh Omar is replacing Datuk Ab Halim Mohyddin, 74, who will remain on the board as an independent director.
Noh has been a member of the Malaysian parliament for the Tanjung Karang constituency since 1995.
In 2008, he became a member of the federal cabinet, serving as minister for entrepreneurship and co-operative development.
He was then minister for agriculture until 2013, and was later in charge of urban well-being, housing and local government until 2018.
Noh also has experience as a deputy home and education minister.
Began career as a teacher
He was a partner in law firm Ahmad Fahmy & Noh in the 1990s, after starting his career as a teacher.
The change in board leadership comes two weeks after it posted a net loss of MYR 1.16bn ($268m) in the first quarter — its first in eight years — as it made a provision for litigation claims.
In April, Sabah Shell Petroleum Co (SSPC) was awarded MYR 1.46bn in arbitration with a subsidiary of MISC over defective works related to the Gumusut-Kakap semi-floating production system (semi-FPS).
MISC also made a write-off of trade receivables and a loss on re-measurement of finance lease receivables that amounted to MYR 935.2m, following the award announced by the arbitral tribunal.
MISC is 57.56%-owned by state oil company Petronas. The Kuala Lumpur-based company controls a fleet of 117 ships and 15 newbuildings, including those owned by subsidiary AET Tankers.
