Several interesting changes have been observed lately at civil engineering outfit Merge Energy Bhd.
Its CEO Yusof Badawi, who has led the company since May 2003, stepped down, paving the way for Datuk Abdul Jalil Abdul Karim to take over the helm of the company.
Merge Energy also stated that Abdul Jalil had surfaced as a substantial shareholder after acquiring 50% of the paid-up capital of private company Desa Binapuri Sdn Bhd which has 19.4% equity interest in Merge Energy.
Datuk Muhammad Azaham Abdul Wahab controls the remaining 50% in Desa Binapuri. However, Muhammad Azaham, 70, retired as chairman in September 2010. His position was taken over by former executive director Datuk Raja Shah Zurin Raja Aman Shah who is now the executive chairman. Raja Shah was appointed to the board of Merge Energy in January 2010 as executive director.
Then in October 2010, Maseri Basirah hived off his 10 million shares or 14.93% in Merge Energy to Datuk Mohd Said Mat Saman. Maseri had been a substantial shareholder in Merge Energy since September 2002.
It remained unclear at this juncture what Abdul Jalil and Mohd Said’s plans are for Merge Energy.
Abdul Jalil also controls MPRI Pipes Sdn Bhd (formerly known as Musa & Rahman Plastic Industries Sdn Bhd). MPRI Pipes posted a net loss of RM1.03 million from RM16.67 million in revenue for its financial year ended December 2009.
MPRI has its mainstay in the manufacturing of plastic products and pipes. MPRI’s shares are held by another private company Jalur Cahaya Sdn Bhd, which posted a net profit of RM10.7 million from RM106.85 million revenue for FY December 2009.
Jalur Cahaya, with core businesses in non-revenue water reduction and water treatment, is controlled by private company Darul Jutaria Sdn Bhd, an investment holding company. Darul Jutaria’s shareholders are Abdul Jalil and Aidil Abdul Aziz, who equally control the company. The two are also directors of all three companies. It is also worth noting that former chairman of Merge Energy, Muhammad Azaham, was at one time a director and indirect substantial shareholder of Jalur Cahaya.
In 2008, Jalur Cahaya had awarded Merge Energy a RM90 million civil works contract for the design and construction of permanent meter installations, leak repairs and maintenance of district metering zones among others in Selangor.
Mohd Said meanwhile controls Sri Sekamat Enterprise Sdn Bhd, a company involved in general construction and which in FY08 suffered a loss of RM2.07 million from RM20.79 million revenue.
Several of Sri Sekamat Enterprise’s jobs have involved the water sector as well such as rehabilitating reservoirs.
For its nine months ended October 2010, Merge Energy posted a net profit of RM810,000 from RM21.76 million in revenue.
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