New faces on UBG board following acquisitions

  • Business
  • Monday, 22 Sep 2008

UBG Bhd has appointed a new board of directors following the acquisition of Putrajaya Perdana Bhd and Loh & Loh Corp Bhd, which saw the entry of new substantial shareholders into the company.

With the completion of the UBG takeover exercise, Abu Dhabi-Kuwait-Malaysia Investment Corp (ADKMIC), through its wholly-owned subsidiary Majestic Masterpiece Sdn Bhd, has emerged as a significant shareholder in UBG.

The new board members are Mahmud Abu Bekir Taib, chairman and director Syed Ahmad Alwee Alsree, deputy chairman and director His Excellency Yousef Al-Otaiba/Mr Shaher Moh’d Ali Awartani (alternate), director Low Taek Jho/Tan Vern Tact (alternate), director Datuk Sri Liang Kim Bang, and director Krishnan a/l C.K. Menon.

UBG said in a statement that Yousef Al-Otaiba was a prominent member of the United Arab Emirates inner circle €“ a move which is expected to strengthen the group’s ambition of becoming a big player in the Middle East.

Yousef Al-Otaiba, the UAE’s Ambassador to the United States and Mexico, has served as director of international affairs for the court of the Crown Prince of Abu Dhabi.

“An expert on sovereign wealth funds, he is also tasked with overseeing Abu Dhabi’s significant investments in the US,’’ said UBG.

Yousef Al-Otaiba obtained a degree in international relations from Georgetown University in Washington DC after graduating from the Cairo American College.

“He also attended the Industrial College of the US Armed Forces at the National Defense University in Washington DC as an International Fellow,’’ said UBG.

“As one of the key shareholders of ADKMIC and with his appointment to the UBG board, Yousef Al-Otaiba is expected to bring with him a wealth of corporate experience, international contacts and potential Abu Dhabi-Malaysia cross-border deals.”

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