KUALA LUMPUR – The Armed Forces’ Fund Board (LTAT) has appointed Datuk Seri Amrin Awaluddin as its chief executive effective January 4, confirming an earlier report by The Vibes that the former Boustead Holdings Bhd managing director and chief executive was heading to helm the government-linked investment company.
Amrin takes over from Nik Amlizan Mohamed, who had on November 2 last year assumed the chief executive post at Retirement Fund Incorporated (KWAP), the country’s second largest pension fund with RM125 billion in assets under its management.
Amrin had stepped down from his posts at Boustead on November 15 and rumours had been abound that he was leaving for either LTAT or UEM Sunrise Bhd, which is now the subject of a merger with EcoWorld Development Group Bhd.
One of the major tasks that he will need to decide on is whether LTAT will proceed with the privatisation of majority owned subsidiary Boustead.
LTAT announced its intention to privatise Boustead in May last year as part of its portfolio rebalancing, at an indicative offer price of 80 sen per share, which values Boustead at RM1.62 billion. It has until February 2 to decide.
The fund recently declared a dividend of 2.5% on the back of a lower net profit of RM91.7 million for the financial year ended December 31, 2019 (FY19), compared with a 2% dividend on net profit of RM221 million for FY18. – The Vibes, January 6, 2021
