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KUALA LUMPUR (May 1): Property developer Pasdec Holdings Bhd (KL:PASDEC) has promoted its vice-president of property and strategy development, Mohammad Ikhwan Mustapa Al Bakri (pictured), to chief executive officer, effective today.
Mohammad Ikhwan, 41, succeeds Liew Chai Sen, who has been its CEO since May 1, 2023.
In a statement on Thursday, Pasdec said Mohammad Ikhwan brings more than 17 years of experience across project planning and construction, project management, regulatory compliance, cost control and stakeholder engagement.
"In his new role, Mohammad Ikhwan will oversee Pasdec’s overall operations and strategic direction, focusing on enhancing operational efficiency, strengthening the group’s development portfolio and delivering sustainable value to stakeholders," the company said.
In his role as Pasdec’s vice-president of property and strategy development, Mohammad Ikhwan led development strategies and land acquisition, as well as oversaw end-to-end project execution.
Based in Kuantan, Pahang, the group counts executive deputy chairman Datuk Seri Tew Kim Thin as its biggest shareholder with a 47.523% stake via his private investment vehicle Jasa Imani Sdn Bhd. The State Government of Pahang via Perbadanan Kemajuan Negeri Pahang is its second largest shareholder with a 26.57% interest.
As of Dec 31, 2025, the group has an order book of RM52.25 million with a few residential developments around Kuantan city centre such as Balok Perdana Zon 3C2, Bandar Putra Villa and Casa Bayu Chendor Utama.
For the financial year ended Dec 31, 2025, the group reported revenue of RM32.87 million, 80% of which came from its property sales segment. Net profit for the year came in at RM8.26 million. It is in a net cash position of RM7.08 million, with cash and bank balance of RM21.47 million exceeding its borrowings of RM14.38 million.
According to AskEdge, the group is trading at a price-earnings ratio of 14.1 times, higher than most peers, including IOI Properties Group Bhd (KL:IOIPG), and near the upper end of its recent historical range.
However, its price-to-book ratio of 0.3 times is lower than most peers and below its recent average. In contrast, IOI Properties’ price-to-book ratio stood at 0.9 times.
As at market close on Thursday, Pasdec shares were up half a sen or 1.72% at 29.5 sen, valuing the company at RM118.1 million.
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