KUALA LUMPUR (July 5): Boustead Plantations Bhd announced today that Ibrahim Abdul Majid is relinquishing his role as chief executive officer of the company effective immediately to accept a bigger role at parent Boustead Holdings Bhd (BHB). BHB has a 57.42% stake in Boustead Plantations.

In a bourse filing today, Boustead Plantations said Ibrahim, 61, is accepting a bigger role at BHB to lead the plantation technology and innovation initiatives. He assumed his current post in December 2019.

On June 24, BHB group managing director Datuk Seri Mohammed Shazalli Ramly said the group will be focused on developing and utilising data analytics, a business intelligence platform and continuous learning to set the path of its business plans.

BHB had recently revealed that its Reinventing Boustead strategy will be driven by a three-prong approach: A rejuvenated transformation programme (Rejuvenated EDGƎ20) for the core businesses driven by a new performance improvement programme; exploring and venturing into new business opportunities and sustainability by embracing innovative and relevant technological services; and adoption of relevant and synergistic digital businesses to support the core businesses and to enhance new value creation for the future.

The aspiration to expand BHB’s traditional brick-and-mortar businesses will be incubated through the newly established Boustead Technology Services (BTS) and Boustead Digital Services (BDS).

At noon break, Boustead Plantations shares were unchanged at 57 sen, bringing a market capitalisation of RM1.28 billion. BHB shares, meanwhile, were up slightly by one sen or 1.5% at 68 sen, with a market value of RM1.36 billion.