Azmir Merican appointed as group MD of Sime Darby Property

The appointment reinforces the board’s commitment towards creating sustainable, long-term value for its stakeholders

By SHAZNI ONG / Pic By RAZAK GHAZALI

SIME Darby Property Bhd has appointed Datuk Azmir Merican Azmi Merican (picture) as its group MD effective April 22, 2020.

Azmir’s appointment follows his resignation as UEM Edgenta Bhd MD and CEO last Friday, which takes effect on April 21. He has helmed the asset management and infrastructure solutions company since August 2014.

Sime Darby Property chairman Tan Sri Dr Zeti Akhtar Aziz said Azmir’s appointment reinforces the board’s commitment to ensuring the group’s leadership in the industry and towards creating sustainable, long-term value for its stakeholders.

“We would like to welcome Azmir to Sime Darby Property and look forward to working closely with him,” she said in a statement yesterday.

Current Sime Darby Property acting group CEO Datuk Wan Hashimi Albakri will continue his present role until Azmir’s effective appointment date.

Subsequently, Wan Hashimi will resume the COO role of township development.

Azmir began his career as an investment analyst and later as a manager in the financial and corporate advisory arm of PricewaterhouseCoopers, according to Sime Darby Property. Subsequently, he worked with CIMB Investment Bank Bhd before joining AWC Bhd as its group CEO and MD.

In 2012, Azmir joined UEM Group Bhd — the parent firm of UEM Edgenta — as group COO of business units, before taking on his current position at UEM Edgenta, where he led its ongoing transformation into a technology- based company servicing the healthcare, property and infrastructure sectors.

In a Bursa Malaysia filing last Friday announcing Azmir’s resignation, UEM Edgenta said Azmir is stepping down “to pursue other opportunities”, adding that the group has commenced the process of identifying a suitable successor for the role.

Shares of UEM Edgenta closed 1.09% or three sen higher at RM2.77 yesterday, valuing the company at RM2.3 billion.

Meanwhile, Sime Darby Property closed 0.6% or one sen lower at 82 sen, giving the company a market capitalisation of RM5.54 billion.

The property developer has been without a group MD since Datuk Seri Amrin Awaluddin resigned from the post in May last year to serve as MD of Boustead Holdings Bhd.

Boustead’s MD position was left vacant after the resignation of former MD Tan Sri Lodin Wok Kamaruddin on Dec 31, 2018.

Sime Darby Property’s net profit for the third quarter ended Sept 30, 2019 (3Q19), fell 12.4% to RM25.24 million from RM28.8 million recorded a year ago on higher share of results of joint-venture (JV) losses and other losses.

Its share of results of JV losses had widened to RM23.29 million compared to RM4.84 million in 3Q18.

The group also recorded other losses of RM27.52 million in 3Q19, against other gains of RM2.85 million in 3Q18.

Revenue for the quarter, however, surged 76.96% to RM850.03 million from RM480.34 million in 3Q18.