In a statement today, CMSB said Rashid, who is also EcoWorld’s founder-director, would take over from interim group chairman Mahmud Abu Bekir Taib, who reverts to the post of CMSB deputy group chairman.

CMSB group chief executive officer – corporate Isaac Lugun said Rashid’s appointment as the new independent group chairman reinforced CMSB’s core belief in good corporate governance to ensure that independence, both in substance and in form, was upheld at all times.

“With his many years of experience and knowledge of the business and corporate world, Rashid’s appointment will prove pivotal to the growth of CMSB, helping build on our progressive outlook as a group of companies fundamental to the future growth and development of Sarawak.

“I have no doubt that his extensive and wide-ranging experience in industry sectors of particular relevance to CMSB will serve our four major stakeholders well; namely, our shareholders, the communities we serve, our customers and our employees,” he added.