Search for UEM Sunrise’s CEO ongoing

by NUR HANANI AZMAN / source:

UEM Sunrise Bhd is still searching for a new CEO/MD after the departure of Anwar Syahrin Abdul Ajib in October.

So far, there is no decision on who will fill the top post, its chairman Datuk Noorazman Abd Aziz (picture) said.

“We will release a proper announcement on a timely basis as required by Bursa Malaysia Securities Bhd,” he told The Malaysian Reserve in an email reply.

Noorazman said this when asked to comment on speculations that former Boustead Holdings Bhd MD Datuk Seri Amrin Awaluddin may become the firm’s new MD and CEO.

Amrin, who left Boustead on Nov 15, is also rumoured to be headed for Armed Forces Fund Board (LTAT) to take over the CEO post at the armed forces pension fund.

The post has been left vacant since Sept 30, following the resignation of Nik Amlizan Mohamed. Nik Amlizan returns to Retirement Fund Inc as CEO effective Nov 2. She has served the fund in various roles since she first joined in 2007.

Meanwhile, former Telekom Malaysia Bhd CEO Datuk Seri Mohammed Shazalli Ramly is the new group MD of Boustead since Dec 1, replacing Amrin.

LTAT on Nov 27, said there has been no material development in respect of the privatisation of Boustead.

“Accordingly, there can be no certainty that we will proceed with the proposal.

“We will make subsequent announcements on any material development in relation to the proposal in accordance with the rules on take-overs, mergers and compulsory acquisitions,” it said.

Meanwhile, Anwar Syahrin Abdul Ajib is now Malakoff Corp Bhd MD effective Dec 1, 2020.

Anwar Syahrin’s sudden resignation was made amid the potential merger between UEM Sunrise and Eco World Development Group Bhd (EcoWorld).

The Securities Commission Malaysia has approved the extension of time application by UEM Sunrise to announce any firm intention to make a takeover offer with regard to the proposed merger with EcoWorld until Jan 31, 2021.

However, UEM Sunrise and EcoWorld will have to decide by Jan 2, 2021, whether to proceed with discussions in relation to the pro-posed merger.

UEM Group Bhd on Oct 5, pro-posed UEM Sunrise and EcoWorld to consider and deliberate on a potential merger between the two companies, to create one of Malaysia’s largest property companies and sustain long-term value creation and growth.

UEM said the merger between its 66.1% owned unit and EcoWorld would create an opportunity for an existing government-linked company to be in partnership with the private sector to create one of the largest property developers in Malaysia, with a projected gross development value of RM173.2 billion and a total landbank of more than 6,880ha locally.

UEM is a 100% subsidiary of Khazanah Nasional Bhd.