KUALA LUMPUR: Tan Sri Abdul Wahid Omar completed his first year as chairman of Permodalan Nasional Bhd yesterday, describing it as action-packed, productive and fulfilling.
Pledging his commitment going forward, Wahid - together with the management team led by president and chief executive officer Datuk Abdul Rahman Ahmad - said he planned to allocate some time to support some of PNB’s strategic companies such as Sime Darby Bhd in their transformation or performance improvement.
“Today August 1 marks my first complete year as group chairman of PNB. I must say Datuk Rahman and I have been fortunate to have received the baton from (former chairman) Tun Ahmad Sarji and Tan Sri Hamad Kama Piah a very solid national institution of integrity in PNB.
“We are grateful for the support from our people in PNB from day one which enabled us to 'get cracking' immediately,” Wahid said in a statement.
He highlighted the group’s four major value-creating exercises: Sime Darby group’s demerger to create three pure plays, UMW Holdings Bhd’s demerger and recapitalisation of UMW Oil & Gas Corp Bhd, PNB’s acquisition of SILK Highway and merger of SP Setia Bhd and I&P Group.
Two of the three pure plays of plantations, property and multinational distribution and logistics are on track for their listing by mid-December this year.
The demerger of the oil and gas division from UMW Holdings was completed last month, with its recapitalisation now in progress.
The SILK Highway acquisition, which was completed in June, will enhance PNB’s unit Prolintas toll road concession porfolio in preparation for its listing in 2019.
The merger of SP Setia and I&P Group that will create one of the largest and profitable property development groups in Malaysi, is expected to be completed in November.
Wahid also outlined other achievements including the launch of PNB Strategic Plan 2017-2022 codenamed "STRIVE 15" on November 26 last year to turn into a distinctive world class investment house.