PUTRAJAYA: Leading asset manager Permodalan Nasional Bhd (PNB) will focus on niche areas in collaboration with the Government in its pursuit to deliver its mandate on affordable houses, chairman Tan Sri Abdul Wahid Omar (pic) said.
“We have several property development projects in the country under our roof. I think it is about mobilising the resources and putting them into the provision of affordable homes and this will be done on an ad-hoc basis,” he told reporters when asked on the recent mandates given to PNB by the Government.
He was speaking to the media after a luncheon talk titled ‘Transforming Nations Through Creativity and Innovation’, which was held in conjunction with the 2016 International Conference on Blue Ocean Strategy (ICBOS) at the Putrajaya International Convention Centre on Wednesday.
Abdul Wahid, who was a former minister in the Prime Minister’s Department, was given three mandates upon assuming PNB chairmanship on Aug 1, replacing Tan Sri Ahmad Sarji Abdul Hamid.
Abdul Wahid was tasked with improving the corporate performance of the group and its group companies; enhancing bumiputra participation in business and corporate sector; and supporting the Government in providing more affordable homes for Malaysians.
PNB has investments in several property companies, including I & P Group Sdn Bhd, Sime Darby Bhd
and S P Setia Bhd.
He said even though there were numerous schemes to cater to affordable housing needs, there were still some gaps.
Pressed for details of his efforts in delivering his mandates, Abdul Wahid said he was kept busy trying to have a better understanding of PNB and its employees, and his daily schedule was filled with meetings with various departments and subsidiaries.
“Allow me to complete that process (meetings). (I need) more engagements with the people, brainstorm a little bit before we (can) come up with the strategies.
“There is no magic. Just normal diagnosis, come up with initiatives that will be able to deliver the mandates given to me,” he added.
A chartered accountant by training, Abdul Wahid’s experience in turning around UEM Group, as well as transforming Telekom Malaysia into a regional telecommunications company, and Maybank into one of Asia’s leading financial services groups, put him in good stead in delivering the mandates.
Recounting his experience at Malayan Banking Bhd, where he was president and chief executive officer from 2008 to 2013, he said: “At Maybank, profit and loans were growing at 5%, while our competitors were doing double than that. We had to embark on high-impact, low-cost and rapid execution methods.”
About 18 months later, Maybank was growing faster than the others and it is the biggest market capitalisation on Bursa Malaysia now, he said.
On his tenure as minister, Abdul Wahid said it was an honour and privilege to serve the country. - Bernama
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