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More changes in Boustead group of companies' boardrooms

KUALA LUMPUR (March 8): Boustead Holdings Bhd and its subsidiaries have made more changes in their boardrooms, with the latest being the redesignation of Boustead's executive director of group business development Izaddeen Daud as its deputy group managing director, effective March 1.

Last week, Izaddeen was made non-independent and non-executive director at Pharmaniaga Bhd.

Bursa Malaysia's filing revealed that Izaddeen, 52, is also acting chief executive officer (CEO) of Boustead Properties Bhd since last November. Boustead Properties is a 100%-owned subsidiary of Boustead. Izaddeen also serves on the board of Boustead Heavy Industries Corp Bhd (BHIC).

Boustead has a 55.93% equity interest in Pharmaniaga, BHIC (65%) and Boustead Plantations Bhd (57.42%).

There have been several new appointments since Datuk Seri Mohamed Shazalli Ramly took over the helm at Boustead as group managing director last December. On March 1, he was appointed Pharmaniaga's non-independent and non-executive chairman, replacing Datuk Dr Hafsah Hashim, who had resigned to pursue other interests. Later on March 4, Shazalli was appointed to the board of BHIC as a non-independent and non-executive director, with former Boustead Plantations CEO Fahmy Ismail appointed to BHIC's board as a non-independent and non-executive director as well.

All eyes are now on Shazalli to turn around Boustead, a sprawling conglomerate with interests in plantation, heavy industries, property and industrial, trading, finance and investment, and pharmaceutical, which has been suffering losses since the financial year ended Dec 31, 2018.

Last month, the group revealed its "Reinventing Boustead" strategy after its parent Lembaga Tabung Angkatan Tentera decided not to pursue the privatisation of Boustead. The armed forces pension fund has a 59.43% direct stake in Boustead. The strategy involves value creation within the group's existing core businesses, changing business models for new revenue sources, rationalising a few non-strategic assets, as well as venturing into the digital services and technology sector.

At 4.20pm, Boustead shares were traded up one sen or 1.69% higher at 60 sen, yielding a market value of RM1.22 billion based on the group's 2.03 billion issued shares. The stock has been traded between 58 sen and 60.5 sen so far today.

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