Former Boustead chief Amrin to join LTAT on January 4?

KUALA LUMPUR: Boustead Holdings Bhd’s former managing director Datuk Seri Amrin Awaluddin is believed to be joining the Armed Forces Fund Board (LTAT) early next month, sources said.

“Amrin has agreed to join LTAT as CEO (chief executive officer) in the first week of January,” a source told the New Straits Times.

Amrin stepped down as Boustead managing director (MD) just one month ago on November 15, after helming the company since May 6 last year.

Prior to that, he was group MD of Media Prima Bhd and Sime Darby Property Bhd.

The NST’s efforts to get LTAT and Amrin’s comments went unanswered as of press time yesterday.

The CEO post at LTAT is left vacant following the resignation of Nik Amlizan Mohamed in late September after a two-year tenure.

Amlizan has moved on to become CEO of Kumpulan Wang Persaraan (Diperbadankan) or KWAP on November 3.

The source said one of Amrin’s immediate major tasks at LTAT would be to look into the planned privatisation of Boustead, the fund’s flagship company..

LTAT has twice asked for an extension from the Securities Commission to make a firm decision on the privatisation.

The first extension ended on October 27 this year.

Following its second request, LTAT was given until February 2 next year to make the decision.

LTAT owns a 59 per cent stake in Boustead.

On May 29 this year, Boustead announced that LTAT was considering to privatise the company at an offer price of 80 sen per share.

Boustead advised shareholders to exercise caution and seek appropriate advice when dealing in the ordinary shares of the company, since there was no certainty that LTAT would proceed with the proposal.

A report by Bloomberg said the potential privatisation came as LTAT attempted to restructure itself amid performance challenges that predate the Covid-19 crisis.

LTAT has roughly RM9.5 billion in assets under management, according to a report by Bernama on its 2019 financial results.

Among LTAT’s largest holdings are its stake in Boustead and a 35 per cent stake in Affin Bank Bhd, according to data compiled by Bloomberg.

Boustead share price closed 1.5 sen lower or 2.29 per cent on Tuesday at 64 sen.

Source: NST