KUALA LUMPUR (April 4): Amid speculations that Datuk Seri Amrin Awaluddin will be joining Boustead Holdings Bhd, Sime Darby Property Bhd announced today that he will be stepping down as its group managing director on May 3.

On his exit from the Sime Darby Property, Township Development chief operating officer Datuk Wan Hashimi Albakri Ahmad Amin Jaffri will be appointed as acting group CEO.

In a Bursa Malaysia filing, the group cited "early cessation of contract" as the reason behind the change in leadership.

"The board would like to record our appreciation to Datuk Seri Amrin for his service and contribution to the group. We wish him all the best in his new undertaking as he continues his career going forward," said Sime Darby Property chairman Tan Sri Dr Zeti Akhtar Aziz.

Amrin’s departure came after a report by The Edge Financial Daily today, citing sources, that he will be joining Boustead Holdings Bhd as its new managing director.

The paper wrote that Amrin, formerly the group MD of Media Prima Bhd from 2009 to 2017, will be filling up the top post at Boustead that has been left vacant for three months following the resignation of Tan Sri Che Lodin Wok Kamaruddin last year.

Amrin came on board Sime Darby Property after the demerger of Sime Darby Bhd in 2017, which saw the listing of the group's property and plantation divisions.

Under Amrin's leadership, the group carried out a strategic review and put in place a new five-year strategic blueprint known as SHIFT20, aimed at enhancing organisational capacity, driving innovation and strengthening fundamentals.

As for Wan Hashimi, Sime Darby Property said he has been with the group for almost 15 years. He previously served as the CEO of Negara Properties (M) Bhd, which is now part of the group.

Sime Darby Property shares slipped 1 sen or 0.9% to close at RM1.11 today, giving it a market capitalisation of RM7.55 billion.