Axis REIT sees slew of board changes

• In a bourse filing on Tuesday (May 30), Axis REIT said its executive deputy chairman Datuk Abas Carl Gunnar Abdullah, 64, was promoted to executive chairman effective immediately, while its non-independent director Stephen Tew Peng Hwee@Teoh Peng Hwee, 62, will take over the role of deputy chairman.

KUALA LUMPUR (May 30): Axis Real Estate Investment Trust (Axis REIT) has made a slew of board changes as part of the trust's succession plan.

In a bourse filing on Tuesday (May 30), Axis REIT said its executive deputy chairman Datuk Abas Carl Gunnar Abdullah, 64, was promoted to executive chairman effective immediately, while its non-independent director Stephen Tew Peng Hwee@Teoh Peng Hwee, 62, will take over the role of deputy chairman.

Axis REIT's 2022 annual report showed that Abas Carl Gunnar, a Norwegian, was appointed to the board on March 15, 2005. Tew joined the board on Oct 25, 2004.

The trust also announced the departure of three independent and non-executive directors — Tunku Shahabuddin Burhanuddin, 88, Datuk Seri Fateh Iskandar Mohamed Mansor, 55, and Mohd Sharif Yusof, 84 — who are stepping down after serving the board of Axis REIT for more than 12 years.

Axis REIT units closed unchanged at RM1.84 on Tuesday, giving the trust a market capitalisation of RM3.2 billion.