PLS Plantations Bhd (PLS), a 73.08 percent owned subsidiary of Ekovest Bhd (Ekovest), said former CIMB chief executive officer and chairperson Nazir Abdul Razak will assume the role of non-executive independent chairperson effective Feb 10.

Another former CIMB senior banker, Tan Hong Kheng, is also set to join as an independent non-executive director on the same date.

In a filing with Bursa Malaysia today, PLS said the changes to the board followed the resignation of Hisham Mahmood as senior independent non-executive director on Jan 29 and the earlier resignation of Lim Kang Poh as a non-independent non-executive director on Jan 21. 

“Upon Nazir's appointment, current chairperson Lim Kang Hoo will be redesignated as PLS executive vice-chairperson. Lim is also the group executive chairperson of Ekovest,” it said.

Nazir has since emerged as a strategic investor in PLS and currently the chairperson and founding partner of Ikhlas Capital Singapore Pte Ltd, an Asean private equity firm based in Singapore.

He retired as CIMB Group Holdings Bhd chairperson in October 2018 after a 29-year career with the Asean banking group.

Meanwhile, Tan is the chief operating officer of Taylor’s Schools and his previous role include Tune Group chief executive officer and CIMB Group general counsel.

Nazir said he looks forward to providing 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.

“In order 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 percent to 9.9 percent based on its current share capital,” he added.

PLS on Jan 22 announced a private placement of up to 10 percent of the total number of issued shares of the company.

The placement exercise saw Nazir subscribe for 19 million PLS shares at RM0.95 per share while 10 million PLS shares have been subscribed for by Tiong Nam Logistics Holdings Bhd at RM1.01 per PLS share.

- Bernama 

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