Permodalan Nasional CEO Abdul Rahman to leave


Permodalan Nasional Bhd.’s Chief Executive Officer Abdul Rahman Ahmad will be leaving.

KUALA LUMPUR: Malaysia’s biggest state-owned fund Permodalan Nasional Bhd.’s Chief Executive Officer Datuk Abdul Rahman Ahmad will be leaving, a person with knowledge of the matter said.

Rahman will be replaced by Jalil Rasheed, Singapore investment director at Invesco Ltd., said the person, who asked not to be identified as the information is private.

Rahman joined PNB in 2016 after a stint as CEO of Ekuiti Nasional Bhd., a state-linked private equity firm.

The moves signal that Malaysia isn’t done with a leadership reshuffle at government-linked companies, which started with the departures of former PNB chairman Abdul Wahid Omar as well as executives at CIMB Group Holdings Bhd. and Khazanah Nasional Bhd.

The management changes followed the return of Prime Minister Tun Dr Mahathir Mohamad, who led the current government to a surprise victory in the May 2018 election.

A representative for PNB didn’t immediately respond to an email seeking comment, while Jalil couldn’t be immediately reached for comment.

PNB has total assets of 301.4 billion ringgit ($72 billion) as of end-May, with Rahman and Wahid unveiling plans in 2016 to boost the assets to 350 billion ringgit by 2022.

The fund holds stakes in the nation’s biggest companies, including Malayan Banking Bhd., Sime Darby Bhd. and UMW Holdings Bhd. Its domestic equity investments of 180 billion ringgit is equivalent to about 10% of the Malaysian stock exchange’s market capitalization, Wahid said in a 2017 interview. - Bloomberg

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Next In Business News

US consumer prices increased in March by most since 2012
Genting prices US$1bil senior unsecured notes
IMF offers rosier view on Asia, warns of Fed fallout on markets
MMHE bags SapuraOMV Jerun contract�
BIMB raises RM795.6mil via private placement
Grab agrees world's biggest SPAC merger, valued at US$40bil
Bank Negara adds two companies to money services business alert list
Top Glove’s billionaire founder buys stake in education firm
FBM KLCI breaks below 1,600-mark
Bitcoin hits record high of US$62,575

Stories You'll Enjoy


Vouchers