This article first appeared in The Edge Malaysia Weekly on May 8, 2023 - May 14, 2023

RAJA Tan Sri Arshad Raja Tun Uda is expected to take over as chairman of state-controlled unit trust outfit Permodalan Nasional Bhd (PNB) from Tun Arifin Zakaria, who retired late last week, sources familiar with the matter tell The Edge.

It is understood that Raja Arshad’s appointment could be made in early June, if all goes as planned.

“Raja Arshad is the candidate they are looking at; it’s more or less a done deal. He is a good fit as PNB chairman, as he has the requisite corporate experience. He knows his stuff … He has all the credentials to be PNB chairman,” says a source familiar with the matter.

Another source says an announcement will be made once clearance is obtained from one or two government agencies.

Raja Arshad, 76, is a chartered accountant by training. He is chairman of state-controlled private equity fund management company Ekuiti Nasional Bhd (Ekuinas), chairman of its 56.03% oil and gas unit Icon Offshore Bhd, non-executive non-independent director of telco company Maxis Bhd and formerly a director of sovereign wealth fund Khazanah Nasional Bhd. He was executive chairman of Big Four accounting firm PwC Malaysia.

He has also had stints with the Securities Commission Malaysia, the Malaysian Communications and Multimedia Commission and the Investment Panel of the Employees Provident Fund, among a host of other high-level positions and appointments.

It is likely that Raja Arshad will give up his chairmanship of Ekuinas, a position he has held since September 2009,  to take on the much bigger role at PNB.

As at end-2021, PNB had RM336.7 billion in assets under management and its key shareholdings, held via its many funds under the Amanah Saham banner, include those in Malayan Banking Bhd (47%), auto and heavy machinery company Sime Darby Bhd (51%), Sime Darby Plantation Bhd (56%), Sime Darby Property Bhd (58%), property developer S P Setia Bhd (61%), auto company UMW Holdings Bhd (61%), oil and gas player Velesto Energy Bhd (54%), pharmaceutical player Duopharma Biotech Bhd (51%), reinsurance player MNRB Holdings Bhd (55%) and oil and gas outfit Sapura Energy Bhd (40%). 

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