KUALA LUMPUR (Oct 4): FGV Holdings Bhd’s chief executive officer Datuk Mohd Nazrul Izam Mansor has been appointed to the board of MSM Malaysia Holdings Bhd.

He will serve as the sugar refinery operator’s non-independent and non-executive director with effect from Tuesday (Oct 4), according to MSM's Bursa Malaysia filing.

FGV is MSM’s largest shareholder with a 51% stake, followed by Koperasi Permodalan Felda Malaysia Bhd (15.28%) and Amanah Saham Nasional Bhd (9.42%), Bloomberg data showed.

Prior to his stint in FGV, Mohd Nazrul was group CEO of Felcra Bhd from October 2018 until August 2021.

For the six months ended June 30, 2022, MSM posted a net loss of RM61.8 million versus a net profit of RM44.7 million in the previous corresponding period, amid high input costs despite revenue rising 14% to RM1.2 billion on higher palm oil prices.

MSM shares closed unchanged at 85.5 sen on Tuesday, with a market capitalisation of RM601.05 million. The stock has fallen 34.23% year-to-date.