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| PAAB promotes Ahmad Faisal to CEO |
| Written by Surin Murugiah | |||
| Wednesday, 01 July 2009 23:42 | |||
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Ahmad Faizal's appointment confirms a report by The Edge Financial Daily on June 9, which said Suhaimi Kamaralzaman had tendered his resignation as CEO of PAAB and was set to leave the company by the end of the month. In a statement today, PAAB said Ahmad Faizal joined the company in March 2009 to facilitate a proper handover of responsibilities. PAAB, which is owned by the Minister of Finance Inc, was set up in May 2006 to restructure the fragmented water sector. Under Suhaimi's watch, PAAB had successfully acquired the water assets of Melaka, Negeri Sembilan and, more recently, Johor. This change at the top of PAAB comes at a time when the company is slated to take over Selangor's water assets, for which the negotiations have been difficult, with high-profile tycoons and politicians locking horns. In one corner is Tan Sri Rozali Ismail who controls Puncak Niaga Holdings Bhd, which has the water treatment and distribution concessions, while in the other is Tan Sri Abdul Khalid Ibrahim, who helms the Pakatan Rakyat state government in Selangor. They have been at loggerheads, with the state administration attempting to wrest control of and consolidate the water assets before PAAB gets its hands on the assets. Besides PAAB, Ahmad Faizal had previously served as deputy general manager in Prokhas Sdn Bhd, and Maybank Investment Bank (previously known as Aseambankers), the PAAB statement said. At Maybank Investment Bank, Ahmad Faizal had held the position of head of corporate banking and subsequently, became a director in PT Maybank Indocorp, Indonesia, it said. He had also served in Pengurusan Danaharta Nasional Bhd. Ahmad Faizal received his education in professional accounting and financial management in the United Kingdom and has over 16 years' experience in banking and corporate finance.
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