Exclusive: Shazalli is tipped to be new LTAT CEO

Datuk Seri Mohammed Shazalli Ramly

PETALING JAYA: There are changes taking place in the top positions of two government-linked investment companies (GLICs) namely Armed Forces Fund Board (LTAT) and Lembaga Tabung Haji (TH).

Sources said Boustead Holdings Bhd CEO Datuk Seri Mohammed Shazalli Ramly would be the CEO of LTAT, succeeding Datuk Seri Amrin Awaluddin.

This came after the announcement that Amrin will be taking over the top post in TH effective May 6, 2021.

In a statement by TH today: “Minister in the Prime Minister's Department (Religious Affairs) Datuk Dr. Zulkifli Mohamad Al-Bakri has agreed with the appointment of Amrin as the new group MD and CEO.

It is worth noting that Amrin is currently the CEO of LTAT, a position that he took over in January this year from Nik Amlizan Mohamed, who had on Nov 2 last year assumed the position of CEO of Kumpulan Wang Persaraan (KWAP).

Prior to LTAT, Amrin was the CEO of Boustead Group Bhd, a 59.43%- owned subsidiary of LTAT.

It was said that his first task is to overlook the privatisation of Boustead by LTAT. However, in February, LTAT shelved the privatisation plan.

In May last year, LTAT announced its intention to privatise Boustead as part of its portfolio rebalancing, at an indicative offer price of 80 sen per share, which values Boustead at RM1.62bil.

Meanwhile, Shazalli was appointed as the CEO of Boustead in December last year.

Interestingly, Shazalli, the former CEO of Telekom Malaysia and Celcom Axiata Bhd, was among the shortlisted candidates along with Amrin to replace Nik Amlizan last year.

Sources said that the current deputy CEO of Boustead Izaddeen Daud would likely be reassigned as the CEO of the diversified conglomerate.

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