Latest news with #Boustead
New Straits Times
13 hours ago
- Business
- New Straits Times
Boustead names former Sirim president as new group CEO
KUALA LUMPUR: Boustead Holdings Bhd has appointed Datuk Dr Ahmad Sabirin Arshad as its new group chief executive officer (CEO) effective today. Ahmad Sabirin succeeds Izaddeen Daud, who played a pivotal role in Boustead's recent turnaround and privatisation. Boustead said the appointment marks a strategic milestone in its ongoing transformation into a future-ready, innovation-driven conglomerate, committed to long-term competitiveness and sustainable value creation. It also reinforces Boustead's focus on operational excellence, growth acceleration and long-term resilience across its operating companies. With more than 30 years of leadership experience in aerospace, engineering and technology, Ahmad Sabirin brings a proven track record of national transformation, research excellence and industrial leadership. Ahmad Sabirin most recently served as president and group chief executive officer of Sirim Bhd. He was CEO of Aerospace Ventures, a subsidiary of Uzma Bhd, and spent nearly 20 years as group managing director/CEO of Astronautic Technology (M) Sdn Bhd, which is under the Finance Ministry. Earlier in his career, he was involved in developing Malaysia's first satellite, Measat-1, at Hughes Aircraft Company. He later led the country's efforts in building and operating TiungSAT-1 and RazakSAT. He also contributed to the 2007 Angkasawan mission to the International Space Station and was involved in national projects such as the tsunami warning system and radiation detection technologies. He is a trained marine engineer and holds a PhD in Mechanical Engineering (Combustion) from the University of Wales, with earlier studies at Universiti Malaya, Universiti Teknologi Malaysia and the California Maritime Academy. Boustead chairman Tan Sri Abu Bakar Abdullah said Ahmad Sabirin's appointment reflects the group's commitment to strengthening its leadership with strategic thinkers and nation-builders. "Ahmad Sabirin's experience in leading complex, high-impact programmes, from aerospace to national science infrastructure, is a unique asset as we advance the group's transformation, particularly in the areas of digital and innovation," he said in a statement. "We are confident that under his leadership, Boustead will evolve into a resilient, forward-looking organisation that delivers consistent value to shareholders, Lembaga Tabung Angkatan Tentera and the nation at large," he added. Boustead expressed its sincere appreciation to Izaddeen for his leadership and contributions to the group's foundational transformation.
New Straits Times
17-06-2025
- Business
- New Straits Times
Pharmaniaga director Izaddeen Daud steps down amid wider Boustead board shake-up
KUALA LUMPUR: Pharmaniaga Bhd has announced the resignation of Izaddeen Daud as a non-independent and non-executive director, marking the latest in a series of board-level exits across Boustead-linked companies. The pharmaceutical arm of Boustead Holdings Bhd said in a filing with Bursa Malaysia that Izaddeen stepped down effective today to pursue other interests. It added that there were no disagreements with the board or matters requiring shareholder attention. Izaddeen's resignation comes just two weeks after his departure from the board of Boustead Heavy Industries Corp Bhd (BHIC), a Boustead subsidiary. The exits come as BHIC's parent company, Boustead Holdings, and its major shareholder, the Armed Forces Fund Board (LTAT), advance a broad restructuring agenda. On June 3, BHIC announced that three senior board members, including Izaddeen, had resigned as part of what the company described as a wider leadership reorganisation. Izaddeen was appointed group chief executive officer (GCEO) of Boustead Holdings in December 2022. BHIC's latest annual report indicates that he still holds the position, although Boustead's official website currently does not list a GCEO among its leadership team. He has previously held senior roles at Permodalan Nasional Bhd, MARA Incorporated, and ASM Investment Services Bhd, among others. Pharmaniaga said Izaddeen has no family relationship with any of its directors or major shareholders, holds no conflict of interest, and does not have any shareholding in the company.
New Straits Times
03-06-2025
- Business
- New Straits Times
Three senior board members exit Boustead Heavy Industries in governance shake-up
KUALA LUMPUR: Boustead Heavy Industries Corp Bhd (BHIC) has announced the resignation of three senior board members, marking a fresh round of leadership changes amid broader restructuring at the group level. 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.
Business Times
30-05-2025
- Business
- Business Times
Joint venture by Boustead Projects' unit clinches JTC tender to develop industrial facility on Tukang Innovation Drive site
[SINGAPORE] A joint venture of Boustead Projects' wholly owned subsidiary was awarded a tender by JTC Corporation on Friday (May 30) to develop an industrial facility on a land parcel under the Industrial Government Land Sales Programme. The subsidiary, BP-Innovue, is the real estate solutions division of mainboard-listed Boustead Singapore. The land parcel – known as Tukang Innovation Drive Plot A – spans 18,687 square metres, with a proposed allowable gross floor area of 46,717.5 sq m. Designated as a Business 2 zone, the site will be developed into a multi-user industrial facility with heavy vehicle parking. Strata subdivision is permitted for the development. This marks the first development project that has been secured since vertically integrated Pan-Asian logistics and industrial real estate platform UIB was formed in March, noted Boustead. UIB will be jointly providing development management services to deliver this project. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Launched by JTC in December 2024, the land parcel is the first site under the Industrial Government Land Sales Programme to be awarded with an additional three years of lease, under recent enhancements to the industrial land lease framework. The 33-year land lease tenure will allow businesses to utilise a full 30-year intended lease term. Boustead said the development of the site is not expected to have a material impact on the profitability, earnings per share and net tangible asset value per share of the group in the current financial year ended Mar 31, 2026. It added that none of the directors or controlling shareholders of the company has any interest, direct or indirect, in the tender and acceptance letter. Shares of Boustead closed at S$1.11, down S$0.03 or 2.6 per cent on Friday, before the announcement.
BBC News
01-05-2025
- BBC News
Outdoors-loving dad died after Helvellyn mountain fall
An outdoor-loving father died after a tragic fall from a mountain while on a festive break, an inquest has been told. Paul Thomas Boustead, 44, had climbed Helvellyn, in the Lake District, on 29 December but failed to return home and was reported missing, an inquest heard. Mountain rescue volunteer Luke Armitage found his body about 400ft (120m) from the top of the mountain the following had spotted Mr Boustead's dog near where his bike had been located the previous day. In a statement read out at the inquest, Mr Armitage said: "The dog helped me find him - the dog wouldn't leave his side."At Cockermouth's Coroners' Court, coroner Robert Cohen concluded the death was accidental. Drugs including cocaine, amphetamine and ecstasy were found in Mr Boustead's body during a post-mortem examination, but Mr Cohen said it would be "misleading" to treat his death as a statement, his wife Tracy said she was not aware of her husband taking drugs and she could not explain why those substances were found in his Cohen said: "He fell while in the mountains and sustained injuries inconsistent with life, those circumstances are the appropriate conclusion." 'Family orientated man' The inquest heard Mr Boustead had been staying at the Swan Inn in Grasmere, where he had booked a four-night Boustead had raised the alarm on 29 December when she could not make contact with her husband and a tracker on his phone showed him not having moved from a spot near the summit of rescue volunteers found a bike the same day but were forced to resume searches at first light the next morning.A statement from Mr Armitage described there being poor visibility and strong winds when he found Mr Boustead's body in a gully above Red Tarn, having suffered "major injuries".The inquest heard Mr Boustead was born in Blackpool and was living with his wife in the Preston area at the time of his had three sons aged between one and 19 and was said to be a family orientated Boustead was a self-employed HR consultant and had been working for the Open University at the time of his death, although he had previously worked for other universities and councils around the Boustead described him as ambitious and community said he was sporty and loved mountain biking, cricket and running with his black Labrador, which the family had had since added he loved going to the Lake District to spend time outdoors. Follow BBC Cumbria on X, Facebook, Nextdoor and Instagram.
