Boustead redesignates Nazim Rahman as executive chair

He is also chief exec of LTAT, the group’s largest shareholder

KUALA LUMPUR – Boustead Holdings Bhd (BHB) has redesignated the group’s non-independent non-executive chairman Datuk Ahmad Nazim Abd Rahman as executive chairman effective today to spearhead its restructuring.

In a statement, BHB said Nazim, who is also chief executive of the Armed Forces Fund Board (LTAT), was appointed as BHB’s non-independent non-executive chairman on March 2, 2023.

Following the successful takeover by LTAT, BHB’s single largest shareholder, BHB’s stock trading will be suspended tomorrow before the withdrawal of its listing status from the official list of Bursa Malaysia 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 transformation exercises.

BHB group chief executive Izaddeen Daud said the redesignation will bolster the leadership bench of the group – providing strategic guidance and confidence as the group charts a brighter future.

“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.

– Bernama, June 19, 2023