Redesignation to Spearhead BHB’s Restructuring
KUALA LUMPUR, 19 JUNE 2023 – Boustead Holdings Berhad (“BHB” or “the Group”) is pleased to announce the redesignation of the Group’s Non-Independent Non-Executive Chairman Dato’ Ahmad Nazim Abd Rahman as Executive Chairman, effective today.
Dato’ Nazim Rahman, who is also the Chief Executive of Lembaga Tabung Angkatan Tentera (LTAT), was appointed as BHB’s Non-Independent Non-Executive Chairman on 2 March 2023. He holds more than two decades of experience in corporate management, corporate finance and investment.
Following the successful take-over by LTAT, BHB’s single largest shareholder, BHB’s stock trading will be suspended on 20 June 2023 before the withdrawal of its listing status from the Official List of Bursa Securities, in accordance with paragraph 16.07 of the Listing Requirements.
The Group will undergo a comprehensive restructuring exercise to resolve issues faced by the core companies within the conglomerate via a variety of transformative exercise.
Group Chief Executive Officer Izaddeen Daud said, “In the face of change, we are excited to have Dato’ Nazim onboard to navigate this transformative journey as we embark on a group-wide reset to unlock BHB’s commercial value and realise its full potential, allowing us to emerge stronger and more competitive. The redesignation will bolster the leadership bench of the Group – providing strategic guidance and confidence as we chart a brighter future,”
“We view BHB’s restructuring as timely and vital to ensure the sustainability and resilience of the Group for the years to come. The redesignation allows us to optimise our portfolio and allocate resources to areas that offer higher potential returns, driving sustainable growth while maximising returns,”
“We look forward to the alignment of strategies with LTAT and to work towards a shared purpose, providing sustainable returns to the Armed Forces,” he added.
The Group remains committed to the highest standards of corporate governance on transparency and will keep the market informed of any latest developments.
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Forward looking statements
This release may contain certain forward-looking statements with respect to the financial conditions, results of operations and business of the Group and certain plans and objectives of Boustead Holdings Berhad with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
About Boustead Holdings Berhad
Boustead Holdings Berhad (“Boustead”) is one of Malaysia’s oldest conglomerates with Lembaga Tabung Angkatan Tentera (“LTAT”) as its majority shareholder. The diversified Group comprises more than 90 subsidiaries, associate companies and joint ventures, and has substantial interests in various sectors of the Malaysian economy.
Its operations are focused in five key areas namely plantation, heavy industries, property & industrial, trading, finance & investment, and pharmaceutical.
Since its inception as a modest trading entity more than 190 years ago, the Boustead Group has grown by leaps and bounds. As at 31 March 2023, Boustead Holdings Berhad’s paid-up capital was RM2.7 billion while its shareholders’ funds stood at RM3.2 billion. Market capitalisation is in the region of RM1.7 billion. For more information on Boustead, log on to www.boustead.com.my.
For more details, please contact Boustead’s Group Engagement & Communications Department at gcom@boustead.com.my.