KUALA LUMPUR (June 19): Boustead Holdings Bhd has redesignated its non-independent non-executive chairman Datuk Ahmad Nazim Rahman as executive chairman, with immediate effect.

Ahmad Nazim, 47, is also the chief executive of Lembaga Tabung Angkatan Tentera (LTAT), which controls over 97% of Boustead and is in the process of privatising the company.

He was appointed as Boustead's non-independent non-executive chairman in early March. He first joined Boustead's board on July 1, 2021.

At present, he is also a non-independent non-executive director of Boustead Heavy Industries Bhd, as well as chairman of Boustead Naval Shipyard Sdn Bhd and Boustead Petroleum Marketing Sdn Bhd, Boustead said in a bourse filing.

According to Boustead, Ahmad Nazim has more than two decades of experience in corporate, investment and restructuring experience across multiple geographies and industries. He has also served on the boards of statutory bodies, financial institutions and companies — listed and unlisted — across various sectors.

He was previously a commissioner and chair of the Economic Committee of Energy Commission Malaysia. He was also a director of the University of Malaya, as well as the National Bank of Abu Dhabi (Malaysia) Bhd.

Boustead's group CEO Izaddeen Daud said that the redesignation of Nazim as the group's exeuctive chairman will bolster the leadership bench of Boustead, providing strategic guidance and confidence as it chart a brighter future. 

"In the face of change, we are excited to have Dato' Nazim onboard to navigate this transformative journey as we embark on a group-wide reset to unlock Boustead's commercial value and realise its full potential, allowing us to emerge stronger and more competitive. 

“We view BHB’s restructuring as timely and vital to ensure the sustainability and resilience of the Group for the years to come. The redesignation allows us to optimise our portfolio and allocate resources to areas that offer higher potential returns, driving sustainable growth while maximising returns,”

“We look forward to the alignment of strategies with LTAT and to work towards a shared purpose, providing sustainable returns to the Armed Forces,” he added.

Following the successful take-over by LTAT, Boustead's stock trading will be suspended on June 20 before the withdrawal of its listing status from the Official List of Bursa Securities, in accordance with paragraph 16.07 of the Listing Requirements.

The Group will undergo a comprehensive restructuring exercise to resolve issues faced by the core companies within the conglomerate via a variety of transformative exercise, the group stated in a statement released on June 19. 

Boustead shares closed unchanged at 85.5 sen on Monday (June 19), giving the group a market capitalisation of RM1.72 billion. The stock will be suspended from Bursa Malaysia Securities on June 20, as the group will be withdrawing its listing status from the local exchange following LTAT's successful takeover of the company.