KUALA LUMPUR (Nov 6): Boustead Holdings Bhd says today its managing director (MD) Datuk Seri Amrin Awaluddin will step down from his post on Nov 15 but gave no reason for his departure.
In a statement, the diversified conglomerate said the board of directors has commenced the formal process of identifying a candidate for the position.
Boustead chairman Datuk Seri Mohamed Khaled Nordin said in the interim, the management team of Boustead will be managing the day-to-day operations of the group, “ensuring no disruption to the progress of the company’s transformation initiatives that aim to transform Boustead into a sustainable and high-performance organisation by 2023”.
Amrin, who joined Boustead as MD on May 6, 2019, has 30 years of experience in the corporate arena. Prior to that, he was group MD of Media Prima Bhd and Sime Darby Property Bhd.
Mohamed Khaled thanked Amrin for his leadership and contributions over the past year as MD, adding that he was the catalyst of its transformation programme.
“During this time, Boustead has seen significant positive transformation progress and secured its presence as a key player in the industry by serving our shareholders and various stakeholders in Malaysia. We wish him the very best in his future endeavours,” he added.
In May, Boustead’s parent Lembaga Tabung Angkatan Tentera (LTAT) had announced its intention to privatise Boustead, at a proposed offer price of 80 sen per share. On Aug 27, Bank Negara Malaysia had given its nod for LTAT to commence negotiations with Boustead on the privatisation proposal.
However, the armed forces pension fund has sought a further extension to decide whether to privatise its 59.4%-owned subsidiary and has until Feb 2 next year to do so, after an earlier extension till Oct 27.
Boustead shares closed down 0.5 sen or 0.82% at 60 sen today, bringing a market capitalisation of RM1.23 billion.
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