His appointment in the durian company will take effect from Feb 10,2021.
Former CIMB senior ex-banker, Tan Hong Kheng, is also set to join PLS as an independent non-executive director on the same date, the company said in a statement.
PLS is a 73.08%-owned subsidiary of construction engineering group Ekovest Bhd.
Upon Nazir’s appointment, the company said its current chairman, Tan Sri Lim Kang Hoo, (pic below) will be re-designated as the executive vice-chairman of PLS. Lim is also the group executive chairman of Ekovest.
“These appointments are consistent with the company’s new ambitions to grow more aggressively and transform into a major agri-food business conglomerate.
“Nazir brings an extensive corporate network and vast experience in investments, merger and acquisitions, finance and governance. Tan has an impressive track record in banking and finance and brings years of hands-on experience in legal and compliance matters which become ever more important as the company scales up, ” Lim said.
Nazir said: “I look forward to providing my guidance and insights at a time when PLS is moving to expand its durian plantation and downstream businesses, and diversify into other agri-food areas.
“To strengthen my alignment with the future of PLS, in addition to taking up a recent share placement by the company, I have also acquired an option to purchase existing warrants in PLS that, when exercised, will allow me to increase my shareholding in PLS from 4.75% currently to 9.9% based on its current share capital.”