History of KUB

Topics: Hussein Onn, Management, Telekom Malaysia Pages: 2 (790 words) Published: October 12, 2010
Koperasi Usaha Bersatu Malaysia Berhad (KUB) was set up on 11th May 1977 by Prime Minister Tun Hussein Onn to provide a base for Malay participation in business. KUB is 29.62% - owned by Umno - linked company, Gaya Edisi Sdn Bhd while Minister of Finance owns about 22.55% which means that KUB is also a government – linked company (GLC).Over a decade, KUB Malaysia Berhad has continued to make losses since 1997. The company has been undergoing of corporate restructuring and rationalization exercises. Datuk Mohd Nazar Samad, a man on a mission is the third person roped in to turn KUB around. Mohd Nazar 51, joined KUB on March 1, 2007 as an Executive Director. He was a banker for 13 years. He joined with a Cold Storage Malaysia Bhd in 1992 as its head of corporate affairs. In 1996, he joined management consulting firm Krystar Management Sdn Bhd which established the Eraman duty free outlets for Malaysia Airport Bhd. Between 1998 and 2002, Nazar was chief executive of Buildmax Ltd, a building materials manufacturing business listed on the Johannesburg Stock Exchange in South Africa. Although, he was never been in public service, he has lots of experience in both financial services and general management. With energetic and expertise Nazar has confidence and determined to take the loss-making GLC back to profitability in the current financial year. He has created a change in KUB with the restructuring and sale of assets to bring back KUB. Although many people said that nobody would be able to turn around KUB, he took the challenge and wanted to prove that they were all wrong. He brought KUB slowly moving out from a project – based business into a commercial or consumer – based businesses which provide sustainable earnings. To do this, he has laid down a business plan that streamlining under three core areas: Information and communications technology (ICT), property, engineering and construction (PEC) and food related businesses. KUB was once announced plans to sell...
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