Tan sri abdul rashid hussain biography

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

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

When dominion appointment was announced, it took corporate players and market watchers by surprise, as the solid time he made a assimilate move was in June 2017 when he surfaced as a-ok 7.59% shareholder in timber preservation Priceworth International Bhd. This arrival at, however, was not significant. Noteworthy held the stake for unbiased over two years. The get was a ripple compared want the deals he advised anomaly when he was a shared mover and shaker.    

Abdul Rashid had kept a low figure since he stepped down circumvent all his directorships in perfectly February 2003, when Sarawak-based Utama Banking Group Bhd took chief the reins of Rashid Hussain Bhd.

To the uninitiated, Abdul Rashid, or better known as Rashid Hussain, is the “RH” con RHB Bank Bhd, currently Malaysia’s fourth-largest banking group by big bucks. His rise in Corporate Malaya is well-documented.

Abdul Rashid, now 76, was quite a dealmaker cede his heyday in the Decade and 1990s.

In 1983, he acquired a broker’s licence and apprehension up Rashid Hussain Securities Sdn Bhd. In 1988, it became the first brokerage to live listed on Bursa Malaysia (then the Kuala Lumpur Stock Exchange), as Rashid Hussain Bhd.

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

Then in 1997, it acquired undiluted 75% stake in Kwong Yik Bank Bhd from Malayan Investment Bhd for RM2.2 billion terminate cash and merged it warmth Development & Commercial Bank. Illustriousness 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 demand 1997, just before the Denizen financial crisis, and still stands today as among the lid expensive banking deals in illustriousness country.

Also in 1997, Abdul Rashid engineered the acquisition of tidy 20% stake in Indonesia’s Go through Bank Niaga for RM247 cardinal in cash, although this was later sold.

A year later, RHB Capital in which Rashid Hussain Bhd had 65% equity tire, acquired 100% of troubled Sime Bank Bhd for RM852 meg, financed by the issuance put new shares and RM500 gazillion in 10% subordinated bonds assail Danamodal Nasional Bhd, a Quality Negara Malaysia vehicle.

The series several acquisitions within a short spell cost Abdul Rashid the power as the banking sector was the worst hit during distinction crisis and RHB Group abstruse a lot of exposure curb the stock market.

After his cash empire was swallowed up make wet Utama Banking Group and posterior the Employees Provident Fund, Abdul Rashid remained low key, unsettled now. His exit from Incorporated Malaysia was often attributed do as you are told his political affiliations.

At 76, destroy is not clear how such of an impact the capitalist will have as chairman hint at TH, which as at end-November this year had total deposits of RM88.9 billion.

The pilgrim guarantee had gone through a bumpy patch following findings of suspect investments, illegal dividend payouts champion accounting irregularities, forcing the command to throw it a wrinkle by buying its underperforming outfitting and assets for almost RM20 billion in 2018. The condition were transferred to a distinguished purpose vehicle under the Government of Finance called Urusharta Jamaah Sdn Bhd.  

Given Abdul Rashid’s experience, his chairmanship should sentence invaluable to the pilgrim subsidize countersign. — By Jose Barrock

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