KUALA LUMPUR (Oct 9): UEM Sunrise Bhd managing director (MD) Anwar Syahrin Abdul Ajib, who is also the chief executive officer, tendered his resignation today after he had been at the helm for six years.

“The board will deliberate on the effective date of the resignation of Anwar Syahrin. In the meantime, a transition plan will be executed for smooth handover of his responsibilities to ensure continued management of UEM Sunrise's business and operations,” UEM Sunrise said in a filing with Bursa Malaysia.

Coincidently, his resignation is at the time when UEM Sunrise’s board is expected to deliberate the proposal made by its controlling shareholder, UEM Group Bhd, to merge with Eco World Development Bhd. UEM Group, a wholly-owned unit of Khazanah Nasional Bhd, holds a 66.1% stake in UEM Sunrise Bhd.

The proposed merger plan will be carried out through share and warrant swap. Upon completion of the merger, UEM Group — will remain the single largest shareholder of the merged entity with 43% shareholding. 

Under the proposal, UEM Sunrise will issue new shares at a proposed 44.3 sen each to exchange for EcoWorld shares, which are priced at 46.9 sen each.

The share price of UEM Sunrise was up one sen at 39 sen today, bringing it market capitalisation of RM1.77 billion.