Kuala Lumpur, 26 August 2025 – TH Plantations Bhd has terminated the contract of its Chief Executive Officer, Mohamed Zainurin Mohamed Zain (58), citing misconduct. A formal letter of termination was issued and filed with Bursa Malaysia today.
Timeline & Context
- 18 July 2025: Mohamed Zainurin was issued a show-cause letter related to alleged unauthorized payments of RM 5.1 million to plantation workers. Simultaneously, he was placed on garden leave, suspending his active duties.
- Same Day: The Chief Financial Officer, Marilyana Omar (44), also received a show-cause letter and chose to resign immediately.
- Interim Governance: To ensure continuity, a Board Executive Committee (Board EXCO) was formed. It is spearheaded by Datuk Dr. Ahmad Kushairi Din, Chairman of TH Plantations, with members including Haji Kasmuri Sukardi, Puan Nor Adila Ismail, and COO Alikamal Abu Hassan.
CEO Profile & Past Roles
Mohamed Zainurin assumed leadership of TH Plantations on 1 October 2021. His prior roles include:
- Financial Controller at New Britain Palm Oil Ltd, a subsidiary of Sime Darby Plantation based in Papua New Guinea.
- Senior Vice‑President at Khazanah Nasional’s agrifood unit.
- Various executive roles across Khazanah’s subsidiaries and joint ventures.
Financial Snapshot & Market Impact
- 2QFY2025 Performance: The company reported a net profit of RM 11.79 million, up from RM 10.41 million in 2QFY2024, primarily supported by improved crude palm oil (CPO) and palm kernel prices and increased sales volumes.
- Stock Reaction: TH Plantations’ share price dipped 4.46% (2.5 sen), trading at 54 sen post-announcement, with a market capitalization of approximately RM 472.86 million. Year-to-date, the stock had declined around 21.32%.
Summary Table
| Aspect | Details |
|---|---|
| Termination Date | 26 August 2025 – CEO’s contract terminated over misconduct |
| Show-cause & Garden Leave | Issued on 18 July 2025 over RM 5.1 million unauthorized payments |
| CFO Resignation | Marilyana Omar resigned immediately upon receiving show-cause letter |
| Interim Oversight | Board EXCO led by Datuk Dr. Ahmad Kushairi Din, including three other key members |
| CEO Tenure | Since 1 October 2021; extensive background in agrifood and plantation sectors |
| Latest Financials | 2Q net profit RM 11.79M; share price down 4.46% to 54 sen |
Why It Matters
This leadership shake-up underscores the serious nature of the allegations against top executives and the company’s commitment to governance. With the Board EXCO in place, TH Plantations aims to reassure investors and stakeholders that its operations remain stable.
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