Thursday November 29, 2007

Perwaja settles debt with TNB

PETALING JAYA: Steel company Perwaja Steel Sdn Bhd has settled in full its RM320mil debt that was owed to Tenaga Nasional Berhad. 

Perwaja, a 51% owned subsidiary of Kinsteel Berhad, settled its debt after Kinsteel took over Perwaja due to Kinsteel’s successful efforts in increasing overall capacity utilisation. 

In a statement, Kinsteel managing director Tan Sri Pheng Yin Huah said the company was pleased that it had successfully settled all its debts with TNB. 

“This shows our strengthening cash flow based on our improved performance in the operations of Perwaja.” 

Kinsteel, one of the largest integrated steel manufacturers in the country, is listed on the Main Board of Bursa Malaysia.  

 

PROFILE OF DIRECTORS
 Tan Sri Abu Sahid Bin Mohamed , Malaysian, aged 54, was appointed as an Alternate Director to Cik Ruthlene Binti Abu Sahid, a Non-Independent Non-Executive Director of the Company, on 12 January 2007.

He is a substantial shareholder of the Company.

Tan Sri Abu Sahid is presently the Group Executive Chairman of Maju Group of Companies.

In 1977, he started his first company, Maju Alat Ganti Sdn Bhd ("MAG") which was involved in the trading of motor spare parts. Subsequently, MAG became the biggest Malay spare parts company, dealing with both the private sector and the Government of Malaysia. He was Vice President of the Selangor and Federal Territory Engineering and Motor Parts Traders Association, a position he held from 1985 to 1987. He is now the Honorary President of the Association. Since then, Tan Sri Abu Sahid’s business interests have broadened. The Maju Group portfolio is well diversified and at present, its activities include construction and property development, manufacturing of steel products, building materials and furniture, transport and haulage, resorts, as well as engineering, fabrication and security services.

Tan Sri Abu Sahid sits on the Board of Konsortium Lapangan Terjaya Sdn Bhd, which has been given the Concession for the new highway directly linking Kuala Lumpur to Putrajaya and onwards to the Kuala Lumpur International Airport.

He is the Executive Chairman and major shareholder of Ipmuda Berhad, Chairman and major shareholder of Kinsteel Berhad, Group Executive Chairman of Bright Focus Berhad and a director of Perwaja Berhad. Tan Sri Abu Sahid is also a director of various other private limited companies.

Save as disclosed above, he does not have any family relationship with any other Director and/or major shareholder of the Company and does not have any conflict of interest with the Company. He has not been convicted of any offences within past 10 years.