Sunway Berhad, the holding company of one of Malaysia’s largest conglomerates, the Sunway Group, is set to explore new avenues of growth in keeping with the changing business landscape, while expanding its portfolio of core businesses domestically and regionally.
“Our current businesses are doing well but we are fully aware that we need to find new horizons if we are to continue to thrive in the decades ahead.
This will, of course, require Sunway transforming itself into a digital-age corporation with new mind sets that will help us spot and seize opportunities that realise our ambitions,” said Sunway Group founder and executive chairman Tan Sri Dr Jeffrey Cheah AO.
“It is with this transition in mind that Datuk Seri Idris Jala has been appointed co-chairman of Sunway Berhad.
After all, who better to help with our transformation than ‘Mr Transformer’ himself,” he said of the appointment of Idris.
Cheah stressed that he will continue to lead the Sunway Group as its executive chairman. Idris will chair Sunway Berhad’s Board meetings in helping to chart the strategic direction and realise Cheah’s vision for the conglomerate.
“He brings with him a wealth of knowledge, practical hands-on experience, a highly valued reputation and international network, which will help me steer Sunway to new heights,” Cheah added.
"I am delighted to join Sunway Group as co-Chairman of the Board. Under the excellent leadership of Tan Sri Jeffrey Cheah, Sunway is a great company with proven track record of profitability and growth over the years. I consider this a real privilege to join the Board.
I look forward to playing my part in helping Tan Sri Jeffrey and the rest of the Board members pursue Sunway's vision, strategic objectives and business objectives," said Idris.
Cheah and Idris were speaking to reporters after the Sunway Berhad Extraordinary General Meeting held at Sunway Resort Hotel and Spa last week.
It was Idris’ first general meeting following his appointment as co-chairman of Sunway Berhad on 11 August 2017.
In June 2017, Sunway was reclassified from the Properties sector to the Trading/Services sector on the Main Market of Bursa Securities to better reflect the Group’s long-term strategic ambitions and its diversified business interests.
Cheah said that the reclassification signals Sunway Group’s expansion plans.
The Group is now focusing on expanding in the healthcare sector to the tune of more than RM1.2 billion by building five new hospitals in the country.
The Group has set up Sunway Ventures as its corporate venture capital arm to seek out and identify new businesses that it can leverage to sustain its competitive edge as a corporation.
Sunway is also investing heavily in championing sustainable development in line with its core values and to help differentiate the corporation from its competitors including enhancing Sunway City’s status as the model smart sustainable city in the region.
At the Extraordinary General Meeting of Sunway held on 30 August 2017, shareholders of the Company approved all the resolutions in relation to the Proposed Bonus Issue of Shares (four bonus shares for every three existing shares held) and the Proposed Bonus Issue of Warrants (three free warrants for every ten existing shares held) as prescribed in the Notice of the Extraordinary General Meeting contained in the Circular to Shareholders dated 28 July 2017.
The announcement came a day after Sunway Berhad reported a pre-tax profit of RM 271.4 million and a net profit of RM 233.3 million, a jump of 33.2% and 29.7% respectively for second quarter ended 30 June 2017 (Q2 2017) due to better performance from most segments.