KUALA LUMPUR: Boustead Holdings Bhd has today announced the redesignation of Datuk Ahmad Nazim Abd Rahman to executive chairman effective today.
Nazim, who is also the chief executive of Lembaga Tabung Angkatan Tentera (LTAT), was appointed as Boustead's non-independent non-executive chairman on March 2 this year.
He holds more than two decades of experience in corporate management, corporate finance and investment.
Boustead also said following the successful takeover by LTAT, the company's stock trading will be suspended on June 20 before the withdrawal of its listing status from Bursa Malaysia
The group will undergo a comprehensive restructuring exercise to resolve issues faced by the core companies within the conglomerate via a variety of transformative exercises, group chief executive officer Izaddeen Daud said.
"In the face of change, we are excited to have Datuk 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."
He added that the redesignation will bolster the leadership bench of the group, providing strategic guidance and confidence as it charts a brighter future.
Boustead, Izaddeen said, views its restructuring as timely and vital to ensure the sustainability and resilience 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.