Three senior board members exit Boustead Heavy Industries in governance shake-up
According to filings with Bursa Malaysia, the departures involve Dr Salihin Abang, Izaddeen Daud and Saadatul Nafisah Bashir Ahmad, all of whom held multiple roles on the board.
Dr Salihin stepped down as an independent non-executive director and relinquished his positions on the audit and risk committees.
Saadatul vacated her seat on the board as well as the audit and nomination and remuneration committees. Izaddeen, a non-independent non-executive director, also resigned from the board.
No reasons were given for the resignations and replacements have yet to be announced.
The exits come as BHIC's parent company, Boustead Holdings Bhd, and its major shareholder, the Armed Forces Fund Board (LTAT), move forward with a broad restructuring agenda.
Izaddeen was appointed group chief executive officer (GCEO) of Boustead Holdings in November 2022. BHIC's latest annual report indicates that he still holds the position, although Boustead Holdings' official website currently does not list a GCEO among its leadership team.
In February, the government launched a new reform blueprint dubbed Project Earth, aimed at improving operational efficiency and productivity across LTAT and its portfolio of companies, including Boustead and BHIC.
Project Earth replaces the earlier Project Moonshot, which was suspended in 2023 amid concerns over LTAT's financial stability. The previous plan sought to pare down Boustead's RM3.4 billion debt and divest its stake in six key subsidiaries.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
21-07-2025
- New Straits Times
Pharmaniaga shares soar past 45pc, volume hits two-year high
KUALA LUMPUR: Shares of Pharmaniaga Bhd soared more than 45 per cent in active trade, as buying momentum lifted trading volume to levels not seen in over two years. At 11.54am, the stock was up six sen or 38.71 per cent at 21.5 sen, with 51 million shares changing hands, its busiest day since April 20, 2023. It was the second most actively traded counter at the time. The stock opened 9.68 per cent higher at 17 sen and rose as much as 22.5 sen, up 45.16 per cent from its previous close of 15.5 sen. There have been no fresh corporate announcements aside from the renounceable rights issue of up to 3.52 billion shares announced earlier this month. On July 1, the counter went ex-rights, triggering a technical price adjustment from 23.5 sen on June 30 to 16 sen. Until today's rally, the stock had been trading between 14 sen and 16.5 sen. At 22 sen, it is now edging back toward its pre-rights issue level above 20 sen. Pharmaniaga, once weighed down by a RM552.3 million impairment from unsold Covid-19 vaccines, slipped into Practice Note 17 (PN17) status in February 2023. But the company has since returned to profitability in the financial year ended Dec 31, 2024 (FY24) and expects to stay in the black in FY25. The group is eyeing revenue of RM4 billion this year, up from RM3.8 billion in FY24, a level it last crossed in FY21. Its managing director Zulkifli Jafar has said the company aims to exit PN17 status by the end of this year or early 2026. Pharmaniaga is majority-owned by Boustead Holdings Bhd, which in turn is controlled by Lembaga Tabung Angkatan Tentera (LTAT). According to the latest annual report, LTAT holds a direct 44.47 per cent stake in the company.
Daily Express
01-07-2025
- Daily Express
LPG subsidies for ‘rakyat prices' traders
Published on: Tuesday, July 01, 2025 Published on: Tue, Jul 01, 2025 By: Crystal E Hermenegildus Text Size: Armizan also revealed that last year alone, the government spent RM3.4 billion on LPG subsidies, a figure he said is significant and equivalent to the cost of building 35 new schools. Kota Kinabalu: The Ministry of Domestic Trade and Cost of Living (KPDN) is committed to ensuring that subsidised liquefied petroleum gas (LPG) continues to benefit micro and small food and beverage (F&B) traders. Its Minister Datuk Armizan Mohd Ali said amendments to the Supply Control Regulations (PPKB) 2021 are being proposed to formally recognise the needs of micro and small F&B operators many of whom rely on LPG to run their daily operations. 'Food and beverage traders should not worry. As long as they offer reasonably priced food and services, they will continue to benefit from the LPG subsidy,' Armizan said this during a press conference at Sabah International Convention Centre (SICC), Monday. Under the current PPKB 2021, any commercial use of LPG exceeding 42kg requires a control goods permit, effectively limiting access to subsidised LPG for small businesses. The new amendment seeks to ease these restrictions and better reflect the operational realities of such traders. 'In practice, many eateries use more than 42kg at a time — some use five cylinders at once and also need to keep spare stock. The government understands this and is willing to allow usage beyond the current limit, but we must implement proper control mechanisms to prevent abuse,' said Armizan. He stressed that while domestic users and small F&B operators would remain eligible for the subsidy, the government cannot afford for subsidised LPG to be misused. 'We are not here to subsidise lifestyle costs. We are here to ease the cost of living for the people,' he said, citing examples of some establishments charging RM30 for fried rice or RM25 for chicken rice. 'That's not the rakyat's price. It's a lifestyle price.' Armizan also revealed that last year alone, the government spent RM3.4 billion on LPG subsidies, a figure he said is significant and equivalent to the cost of building 35 new schools. 'Is it right to let this money be used indiscriminately? The public needs to know that this isn't a small amount,' he said. To ensure fair implementation, Armizan said the Ministry would gather feedback from industry stakeholders and other relevant ministries, such as the Ministry of Entrepreneur Development and Cooperatives (KUSKOP) and the Ministry of Rural and Regional Development (KKDW), before finalising the amended regulation. A technical committee chaired by the Ministry's Secretary-General has also been formed to define and monitor the 'people's price' threshold and to design a subsidy control mechanism that ensures accountability. 'The LPG subsidy must be targeted, controlled and safeguarded. Our priority is to protect the rakyat, not to subsidise profit margins or lifestyle excesses,' Armizan said. Stakeholders unable to attend the engagement sessions are encouraged to submit their proposals and memoranda before the conclusion of the Ops Gasak enforcement campaign on October 31 2025. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
Barnama
21-06-2025
- Barnama
Pernas Channels Over RM3.4 Mln In Financing To Franchise Entrepreneurs In Kelantan
KOTA BHARU, June 21 (Bernama) -- Perbadanan Nasional Berhad (Pernas) has, since last year, channelled more than RM3.4 million in financing to franchise entrepreneurs in Kelantan, including participants of the Business In Transformation (BIT) programme. Pernas chairman Datuk Mohamed Rozhan Mohd Ghazalli said the agency remained committed to guiding and empowering franchise entrepreneurs nationwide, in line with the mandate given to him to elevate Malaysia's franchise industry to the global stage. 'Pernas is tasked with spearheading the development of the franchise industry in Malaysia and empowering the local entrepreneurial community to become more competitive and sustainable. 'This commitment reflects Pernas' determination to empower franchise entrepreneurs from the grassroots up, enabling them to expand to both national and international levels,' he said. He said this in his speech at the launch of the BizFrancais Programme Tour Series held here today, which was also attended by Pernas chief executive officer Datuk Nor Azam M. Taib. Elaborating, Mohamed Rozhan said the Kelantan BizFrancais Programme 2025 brought together nearly 30 exhibitors, including government agencies, franchisors, pre-franchisors, and entrepreneurs under Pernas' Xcelerator and BIT programmes. 'The BizFrancais 2025 tour series kicks off in Kelantan and will continue in other states such as Sarawak, Sabah and Johor later this year. 'Pernas has guided over 50 franchise and pre-franchise entrepreneurs from the East Coast through various initiatives, including business development and financing programmes,' he said. One of the recipients, Nik Aloesniha Nik Mohd Alwi, 46, who operates the women's fitness centre franchise 'Curves', said she was thankful for the RM330,000 in financing, which helped her establish the business and expand access to fitness facilities for women on the East Coast.
