KUALA LUMPUR (March 2): Boustead Holdings Bhd has redesignated director Datuk Ahmad Nazim Abd Rahman as its non-independent and non-executive chairman.
Ahmad Nazim, 47, is also the chief executive officer of Lembaga Tabung Angkatan Tentera (LTAT), which holds a 54.9% stake in Boustead.
According to a bourse filing on Thursday (March 2), Ahmad Nazim has “more than two decades of corporate, investment and restructuring experience across multiple geographies and industries”.
He was previously the managing director for Southeast Asia of Allied Investment Partners, a UAE-based investment firm, and CEO of Pelaburan MARA Bhd from 2013 and 2018.
“Ahmad Nazim has served on the Boards of statutory bodies, financial institutions and companies, listed and unlisted across various sectors.
“He has been a commissioner and chair of the Economic Committee of Energy Commission Malaysia; and a director of University of Malaya, National Bank of Abu Dhabi (Malaysia) Bhd, Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) and Education Malaysia Global Services Sdn Bhd,” the filing stated.
Ahmad Nazim is also a non-independent, non-executive director of Boustead Heavy Industries Bhd, and chairman of Boustead Naval Shipyard Sdn Bhd and Boustead Petroleum Marketing Sdn Bhd.
On Wednesday (March 1), Boustead redesignated its group finance director Fahmy Ismail as its group chief financial officer.
He is currently serving as acting chief executive officer of Boustead Plantations Bhd.
The changes come after Boustead posted a net loss of RM402.3 million in the fourth quarter ended Dec 31, 2022 (4QFY2022), dragged by a massive impairment provision posted by its 52%-owned subsidiary Pharmaniaga Bhd of RM552.3 million for its unsold Covid-19 vaccine stock.
At noon break on Thursday, Boustead was up three sen or 4.80% to 65.5 sen, for a market capitalisation of RM1.32 billion.