Published December 3, 2008

MISC chief exec tipped to rejoin Petronas

By S JAYASANKARAN
IN KUALA LUMPUR

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SHAMSUL Azhar Abbas, the outgoing chief executive of MISC Bhd, Malaysia's and the region's largest shipping line, could move to national oil company Petronas to head its international operations, according to industry officials.

His successor at MISC, a listed subsidiary of Petronas, was named by the oil company earlier this year. Petronas has appointed Amir Hamzah Azizan president and chief executive officer of MISC, effective Jan 1, 2009. Mr Amir Hamzah, son of the late Petronas chairman Azizan Abdul Rahman, is currently president and chief executive of AET Tanker Holdings, a subsidiary of MISC and one of the largest operators of petroleum tankers in the Atlantic Basin.

For his part, Mr Shamsul is an old industry hand who has worked in almost every single department of Petronas. Indeed, he was seconded to MISC by the oil company four years ago and is widely credited for taking MISC out of the dry- bulk business and selling the company's ships when the business was at its peak several years ago. In hindsight, he has been proven prescient as global dry-bulk rates have all but collapsed.

The movement of senior executives among Malaysian government-linked companies like Mr Shamsul and Mr Amir Hamzah mirrors other movements in Kuala Lumpur as contracts expire and people move on. In most cases, however, top executives have seen their contracts being renewed.

Last year, for example, Azman Mokhtar - who heads state investment agency Khazanah Holdings - saw his contract renewed for another three-year term. More recently, both the chairman and the chief executive of Malaysia Airlines - Munir Majid and Idris Jala, respectively - saw their contracts extended similarly. So was the contract of Syed Zainal Abidin Tahir, chief executive of national carmaker Proton Holdings.

The holdout remains Yusli Mohamad Yusoff, chief executive of Bursa Malaysia, whose contract expires early next year and from whom no word has been forthcoming. Notwithstanding the global financial crisis which roiled stock exchanges worldwide, however, most analysts credit Mr Yusli with doing a relatively good job, so his contract is expected to be renewed as well.

The choicest job, however, remains that of the chief executive of Petronas, Malaysia's largest and most profitable company by a wide margin.

Much to the chagrin of many highly connected personalities who have jostled for the job in vain, it remains firmly - and many would say thankfully - in the hands of the current incumbent Hassan Merican.