Change in KWAP’s management likely, say sources

LTAT ex-CEO Nik Amlizan is said in the running to be KWAP’s new CEO, succeeding Syed Hamadah


A SHAKE-UP in the boards of Malaysia’s institutional investors is expected to continue with the appointment of a new CEO at the Retirement Fund Inc (KWAP) and the Armed Forces Fund Board (LTAT).

Sources told The Malaysian Reserve that LTAT former CEO Nik Amlizan Mohamed is in the running to be KWAP’s new CEO, succeeding Syed Hamadah Othman whose two-year contract is ending soon.

Syed Hamadah was appointed as KWAP CEO effective Nov 1, 2018, while Nik Amlizan joined LTAT in October of the same year.

Both of their appointments were announced months after Pakatan Harapan (PH) took over Putrajaya in May 2018.

KWAP currently has shareholdings in 164 listed companies worth a total of RM49.1 billion. Its biggest shareholding by percentage is in Inari Amertron Bhd with 13.03%, followed by SKP Resources Bhd (12.38%) and Capitaland Malaysia Mall Trust (11.88%).

By market valuation, its investment in Malayan Banking Bhd (Maybank) is the largest by value at RM4.28 billion, followed by Tenaga Nasional Bhd (RM4.23 billion) and Petronas Gas Bhd (RM3.43 billion).

Management changes were also made by PH at Petroliam Nasional Bhd, Khazanah Nasional Bhd, pilgrim fund Lembaga Tabung Haji, Federal Land Development Authority, Majlis Amanah Rakyat and Permodalan Nasional Bhd.

However, the Perikatan Nasional coalition terminated a slew of appointments made by PH after taking over the federal administration in March this year.

Earlier this month, LTAT announced that Nik Amlizan has stepped down from the CEO position after completing her two-year tenure on Sept 30, 2020.

The government-linked investment company also stated that it will announce a successor “in due course”.

In the interim, LTAT board has entrusted CIO Mohd Haniz Mohd Nazlan to cover the duties of the CEO and daily operations of the retirement fund.

Nik Amlizan joined LTAT in 2007 as head of equity and subsequently became senior director of equity in February 2014. She was then appointed as KWAP CIO in September 2014.

Prior to joining KWAP, she was the GM or head of equity (ethical/ Shariah) at RHB Asset Management Sdn Bhd and senior portfolio manager or head of investment research at Maybank Investment Bhd.

Yesterday, a finance portal reported that Boustead Holdings Bhd MD Datuk Seri Amrin Awaluddin is shortlisted as LTAT new CEO, while Maybank Asset Management Sdn Bhd group CEO Badrul Hisyam Abu Bakar is tipped to helm KWAP.

Last week, two of UEM Sunrise Bhd’s board members resigned as the company is undergoing a leadership shake-up following its proposed merger with Eco World Development Group Bhd.

Its independent and non-ED Subimal Sen Gupta Sen resigned due to “personal reasons”, while MD and CEO Anwar Syahrin Abdul Ajib gave notice of his resignation “to pursue other opportunities”.

Another government-linked company, MSM Malaysia Holdings Bhd, witnessed the appointment of Fakhrunniam Othman as acting group CEO last week after former CEO Datuk Khairil Anuar Aziz was axed over issues concerning the write-off inventories of RM36.6 million in 2019.

Fakhrunniam, who is also FGV Holdings Bhd’s group investment officer, was appointed as MSM interim CEO when Khairil Anuar was placed on leave of absence.