Mavcap gets a new CEO

MALAYSIA Venture Capital Management Bhd (Mavcap), a state-owned technology venture capital company, has promoted Husni Salleh as its chief executive officer.

Husni was previously the senior vice president, Mavcap said in a statement.

"This appointment was approved by the Second Finance Minister and it took effect from September 1 2007," it said.

Husni succeeds Norazharuddin Abu Talib, who resigned last month after serving Mavcap for more than 6 years.

Norazharuddin is starting his own venture capital firm.

Husni joined Mavcap in early 2006. He started his career in 1991 as an analyst with BBMB Securities, and later with Nomura and Natwest Markets.

In 1998, he joined BI Walden Management, a venture capital firm under the Walden International group, and later, MSC Venture Corp, an ICT focused VC firm under Multimedia Development Corp in 2000.

Mavcap's current fund size stands at RM1 billion and a portion of the fund is outsourced to several new venture capital firms.

Business Times

September 22, 2007