Ex-Boustead CEO Amrin Awaluddin takes over top job at LTAT

Ex-Boustead CEO Amrin Awaluddin takes over top job at LTAT
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KUALA LUMPUR (Jan 6): Lembaga Tabung Angkatan Tentera (LTAT) has appointed former Boustead Holdings Bhd managing director and chief executive officer (CEO) Datuk Seri Amrin Awaluddin as its chief executive effective Jan 4.

In its Instagram post, the armed forces pension fund congratulated Amrin on his appointment.

Amrin succeeds Nik Amlizan Mohamed, who had on Nov 2 last year assumed the position of CEO of Kumpulan Wang Persaraan (Diperbadankan), the country’s second largest pension fund with a total fund size of RM125 billion.

Amrin had stepped down from his posts at Boustead on Nov 15, 2020, amid talk that he was leaving the diversified conglomerate to head LTAT. Amrin brings with him 30 years of experience in the corporate arena including as CEO of Media Prima Bhd and Sime Darby Property Bhd.

One of his immediate tasks is to decide whether LTAT will proceed with the privatisation of its 59.4%-owned subsidiary Boustead. In May last year, LTAT announced its intention to privatise Boustead as part of its portfolio rebalancing, at an indicative offer price of 80 sen per share, which values Boustead at RM1.62 billion. It has until Feb 2 to decide on the matter.

LTAT has also put in place a five-year strategic plan, which involves establishing the right framework and detailed investment plans, as well as enhancing existing policies and processes to guide the long-term transformation journey towards becoming a world-class pension fund.

The armed forces pension fund declared a dividend of 2.5% on the back of a lower net profit of RM91.7 million in the financial year ended Dec 31, 2019 (FY19), compared with a 2% dividend on net profit of RM221 million for FY18.   

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Boustead chief Amrin Awaluddin said to be leaving for LTAT