Wan Azman steps down from the boards of Al-Salam REIT and Al-‘Aqar Healthcare REIT

KUALA LUMPUR (July 18): Al-Salam Real Estate Investment Trust (REIT) and Al-‘Aqar Healthcare REIT's chief executive officer Wan Azman Ismail, 58, has stepped down as executive director in both the listed entities after completing his contract of service.

In a filing with Bursa Malaysia on Friday, both REITs announced Wan Azman's cessation of office, effective June 30.

“The board wishes to put on record [its] appreciation for the services rendered during his tenure as the executive director of the [REITs’] manager,” they said.

According to the REITs’ latest annual reports, Al-‘Aqar is 36.58%-owned by Johor Corp, which also owns a 57.56% stake in Al-Salam REIT.

Wan Azman was appointed as CEO of both REITs on March 27, 2017.

Neither of the REITS has announced a successor to Wan Azman yet.

Al-‘Aqar units, which have gained 7.8% year-to-date, closed unchanged at RM1.21 per unit on Friday, valuing the REIT at RM890.54 million. Al-Salam REIT also settled unchanged at 48 sen apiece, giving the REIT a market capitalisation of RM278.4 million.