Nazir Tun Razak joins PLS board of director

KUALA LUMPUR 8 Feb – PLS Plantations Berhad (PLS), a 73.08 per cent owned subsidiary of Ekovest Berhad (“Ekovest”), has announced changes in its Board with the resignation of Hisham Mahmood as Senior Independent Non-Executive Director on 29 January 2021 and the earlier resignation of Dato’ Lim Kang Poh, the Non-Independent Non-Executive Director, on 21 January 2021.

Former CIMB CEO and Chairman Dato’ Sri Mohamed Nazir Abdul Razak has since emerged as a strategic investor in PLS and the Board has invited him to assume the role of Non-Executive Independent Chairman with effect from 10 February 2021.

Another former CIMB senior ex-banker, Mr Tan Hong Kheng, is also set to join as an Independent Non-Executive Director on the same date.

Upon Nazir’s appointment, current chairman, Tan Sri Dato’ Lim Kang Hoo, will be redesignated as Executive Vice Chairman of PLS. Tan Sri Lim is also the Group Executive Chairman of Ekovest.

Nazir is currently the Chairman and Founding Partner of Ikhlas Capital Singapore Pte Ltd, an ASEAN private equity firm based in Singapore. He retired as Chairman of CIMB Group Holdings Berhad in October 2018 after a 29-year career with the ASEAN banking group.

Tan Hong Kheng is the current Chief Operating Officer of Taylor’s Schools; his previous roles include Group Chief Executive Officer of Tune Group and General Counsel of CIMB Group.

Kang Hoo said: “These appointments are consistent with the Company’s new ambitions to grow more aggressively and transform into a major agri-food business conglomerate.

"Dato’ Sri Nazir Razak brings an extensive corporate network and vast experience in investments, merger and acquisitions, finance and governance. Mr. Tan Hong Kheng 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,” he said.

Nazir added: “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. 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% currently to 9.9% based on its current share capital”.

PLS had on 22 January 2021 announced a private placement of up to 10% of the total number of issued shares of the Company. The placement exercise saw Nazir subscribe for 19.0 million PLS shares at RM0.95 per share while 10.0 million PLS shares have been subscribed for by Tiong Nam Logistics Holdings Berhad at RM1.01 per PLS share.

The Company had on 2 February 2021 priced the remaining 7.32 million PLS shares at RM1.11 per share, which will be placed to other independent third-party investors identified.

After the completion of the placement exercise, Nazir's shareholding represents 4.75%, based on PLS’s current share capital. He has also acquired options to purchase a further 22.82 million of the warrants in the Company and assuming these warrants are exercised, his shareholding could potentially go up to 9.90% and will drop to 7.44% assuming all of the outstanding warrants are exercised.

PLS currently has 162.79 million warrants which are exercisable by 4 March 2030. - DagangNews.com