Khazanah executive director Amran Hafiz tipped to take over as UEM Group MD as Mohd Izani set to move to MAHB

Tuesday 17 Sep 2024

KUALA LUMPUR (July 31): Datuk Amran Hafiz Affifudin, executive director and head of Malaysian investments at sovereign wealth fund Khazanah Nasional Bhd, has been tipped to take over the reins of UEM Group Bhd from managing director Datuk Mohd Izani Ghani, according to sources.

Amran is currently chairman of UEM, which is a wholly owned subsidiary of state-owned Khazanah. He joined the board of directors of UEM on April 15, 2022 and was re-designated as chairman in January last year.

He also sits on the boards of airport operator Malaysia Airports Holdings Bhd (MAHB) (KL:AIRPORT), UEM Sunrise Bhd (KL:UEMS), UEM Edgenta Bhd (KL:EDGENTA), UEM Lestra Bhd, PLUS Malaysia Bhd, Projek Lebuhraya Usahasama Bhd, PLUS Expressways International Bhd, Cement Industries of Malaysia Bhd, Cenergi SEA Bhd, UEM Builders Bhd and Iskandar Investment Bhd, among others.

UEM's website shows that Amran began his career in 1997 as a corporate finance executive in Petroliam Nasional Bhd. He also has experience in the private equity industry, where he served in various roles and responsibilities with several firms before joining Khazanah in 2011.

According to The Edge Malaysia weekly’s June 17-23, 2024 edition, Mohd Izani, who was appointed executive director of UEM in January 2019 and re-designated as the diversified conglomerate’s MD in August 2019, would be heading to MAHB to assume the role of MD.

MAHB's chief financial officer (CFO) Mohamed Rastam Shahrom, who has been acting CEO of MAHB since October last year, is leaving the airport operator, sources said. It was reported that Mohamed Rastam may be leaving the airport operator to join RHB Bank Bhd (KL:RHBBANK) as CFO.

One of the sources said it makes sense to appoint “someone from UEM” to take over the helm at MAHB to expedite the privatisation of the airport operator. In May, Dr Nungsari Ahmad Radhi was appointed as MAHB’s non-executive chairman.

UEM has a 33% stake in MAHB, having surfaced as a substantial shareholder in mid-May after Khazanah transferred its shares to UEM as part of a proposed privatisation plan.

In May, Khazanah, the Employees Provident Fund (EPF), Global Infrastructure Partners (GIP) and the Abu Dhabi Investment Authority (ADIA) — via a consortium named Gateway Development Alliance Sdn Bhd (GDA) — announced a conditional voluntary offer to acquire all the remaining 1.12 billion shares in MAHB not already held by them at RM11 per share, in cash or RM10.79 billion. They also intend to delist MAHB.

Upon completion of the offer, MAHB will be wholly owned by GDA — which will be 40% owned by Khazanah and 30% by EPF, while GIP and ADIA will hold the remaining 30%. The Malaysian government will retain special share rights in MAHB and the airport operator's chairman and CEO will continue to be Malaysian citizens.

At 3.40pm on Tuesday, shares of MAHB were trading six sen or 0.59% higher at RM10.22, giving the group a market capitalisation of RM17.05 billion. Its share price has risen 36.18% so far this year.

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