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Friday, July 26, 2019

Boustead Plantations, Boustead Holdings see boardroom changes

KUALA LUMPUR (July 26): After just a month of being appointed as a director of Boustead Plantations Bhd, Datuk Syed Tamim Ansari Syed Mohamed has been redesignated as the company's independent and non-executive chairman with effect from Aug 1.

Syed Tamim, 71, is replacing Tan Sri Panglima Mohd Ghazali Che Mat, who will be retiring from office on July 31, after having joined the group in 1991, the company said in a statement.

It said Syed Tamim's areas of specialisation include managing oil palm plantations, from planting to refinery of oil to retail sales and marketing of olein.

"He held several senior managerial positions in the Sime Darby group of companies from 1987 to 2007, with his last position as Managing Director of Consolidated Plantation/Sime Darby Plantation from 1999 to 2007," said Boustead Plantations.

He was previously on the board of Maybank Bhd and chairman of Maybank Fortis Holdings Bhd/ETIQA Insurance, said the company.

Apart from Mohd Ghazali's resignation, independent non-executive director Dr Raja Abdul Malek Raja Jallaludin, aged 74, will also be retiring from his position in Boustead Plantations at the end of this month.

Last month, Boustead Plantations also announced that its CEO Chow Kok Choy will be retiring from the group on July 31. Mohamad Azlan Jaafar, the group's deputy CEO, has been named acting CEO until a new CEO is appointed.

Mohd Ghazali also leaving Boustead Holdings

Mohd Ghazali, 88, is also retiring as chairman and non-independent non-executive director of Boustead Holdings Bhd on July 31.

Another non-independent non-executive director, Datuk Azzat Kamaludin, as well as independent non-executive director Datuk Francis Tan Leh Kiah, will also be retiring with effect from July 31.

Also departing from the board of Boustead Holdings to pursue other interest is non-independent and executive director Datuk Seri Ghazali Mohd Ali. He will, however, remain as a member of Boustead Holdings' senior management in his role as Divisional Director, Property.

Meanwhile, Boustead Holdings chief operating officer Fahmy Ismail has resigned from his role as Pharmaniaga Bhd non-independent and non-executive director with effect on July 31 to pursue other interest.

Fahmy rose to various positions within the group and in 2014, he was appointed as CEO of Boustead Plantations until June 2018.

At Pharmaniaga, also resigning from the board is independent and non-executive director Izzat Othman.

Izzat was formerly a director of Affin Securities Sdn Bhd and BH Insurance Bhd. He has vast experience relating to litigation, conveyancing and corporate matters.

"He is a partner in Messrs Azzat & Izzat Advocates & Solicitors and currently is a practising lawyer with more than 33 years of experience," Pharmaniaga said in a filing to Bursa Malaysia.

Shares of Boustead Plantations fell 1.5 sen or 2.08% to close at 70.5 sen, giving the company a market capitalisation of RM1.58 billion.

Meanwhile, Boustead Holdings shares closed one sen or 0.9% higher at RM1.12, valuing the company at RM2.27 billion.

Pharmaniaga's share price slid two sen or 0.75% to close at RM2.65 today, valuing the company at RM692.26 million.

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