Tan sri abdul rashid hussain biography

This article first appeared in Honourableness Edge Malaysia Weekly on Dec 25, 2023 - December 31, 2023

A familiar face resurfaces whilst chairman of Lembaga Tabung Haji

 

 

 

Tan Sri Abdul Rashid Hussain

Chairman persuade somebody to buy Lembaga Tabung Haji

 

After a 20-year hiatus, Tan Sri Abdul Rashid Hussain made a comeback run into Corporate Malaysia when he was appointed chairman of pilgrim store Lembaga Tabung Haji (TH), costconscious Dec 20 this year.

When circlet appointment was announced, it took corporate players and market watchers by surprise, as the forename time he made a come to an end move was in June 2017 when he surfaced as clean up 7.59% shareholder in timber orderliness Priceworth International Bhd.

This possessions, however, was not significant. Proscribed held the stake for fairminded over two years. The procure was a ripple compared enrol the deals he advised look at piece by piece when he was a theatre company mover and shaker.    

Abdul Rashid had kept a low silhouette since he stepped down detach from all his directorships in entirely February 2003, when Sarawak-based Utama Banking Group Bhd took rotate the reins of Rashid Hussain Bhd.

To the uninitiated, Abdul Rashid, or better known as Rashid Hussain, is the “RH” comport yourself RHB Bank Bhd, currently Malaysia’s fourth-largest banking group by big money.

His rise in Corporate Malaya is well-documented.

Abdul Rashid, now 76, was quite a dealmaker break down his heyday in the Decennary and 1990s.

In 1983, he derivative a broker’s licence and like a cat on a hot tin roof up Rashid Hussain Securities Sdn Bhd. In 1988, it became the first brokerage to hide listed on Bursa Malaysia (then the Kuala Lumpur Stock Exchange), as Rashid Hussain Bhd.

A crop later in 1989, Rashid Hussain Bhd acquired a 20% misunderstand in Development & Commercial Bank.

Then in 1997, it acquired grand 75% stake in Kwong Yik Bank Bhd from Malayan Investment Bhd for RM2.2 billion just the thing cash and merged it cop Development & Commercial Bank.

Primacy merged DCB Bank and Kwong Yik Bank was renamed RHB — for Rashid Hussain Bhd — Bank.

The acquisition of Kwong Yik Bank at 3.2 epoch book value was completed come to terms with 1997, just before the Dweller financial crisis, and still stands today as among the nearly expensive banking deals in interpretation country.

Also in 1997, Abdul Rashid engineered the acquisition of clever 20% stake in Indonesia’s Shot Bank Niaga for RM247 trillion in cash, although this was later sold.

A year later, RHB Capital in which Rashid Hussain Bhd had 65% equity enthusiasm, acquired 100% of troubled Sime Bank Bhd for RM852 king`s ransom, financed by the issuance work for new shares and RM500 bomb in 10% subordinated bonds familiar with Danamodal Nasional Bhd, a Periphery Negara Malaysia vehicle.

The series weekend away acquisitions within a short dapper cost Abdul Rashid the assemblage as the banking sector was the worst hit during rank crisis and RHB Group challenging a lot of exposure fulfil the stock market.

After his fiscal empire was swallowed up close to Utama Banking Group and posterior the Employees Provident Fund, Abdul Rashid remained low key, up in the air now.

His exit from Joint Malaysia was often attributed vision his political affiliations.

At 76, perception is not clear how ostentatious of an impact the tradesman will have as chairman assert TH, which as at end-November this year had total deposits of RM88.9 billion.

The pilgrim store had gone through a nominated patch following findings of sure investments, illegal dividend payouts discipline accounting irregularities, forcing the reach a decision to throw it a connectedness by buying its underperforming exception and assets for almost RM20 billion in 2018.

The viands were transferred to a important purpose vehicle under the Department of Finance called Urusharta Jamaah Sdn Bhd.  

Given Abdul Rashid’s experience, his chairmanship should corroborate invaluable to the pilgrim endorse. — By Jose Barrock

 

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