Nazim, who also serves as the chief executive officer of Lembaga Tabung Angkatan Tentera (LTAT) – the group’s majority shareholder – was appointed as Boustead’s non-independent, non-executive chairman on March 2.

According to a statement released today, the group said that Nazim has accumulated over 20 years of experience in corporate management, corporate finance, and investment.

Boustead’s group CEO Izaddeen Daud expressed excitement about Nazim’s redesignation, which he said is vital to lead the group’s restructuring exercise to address challenges faced by its core companies.

“We believe that Boustead’s restructuring is timely and crucial to ensure the group’s sustainability and resilience in the years ahead.

“The redesignation allows us to optimise our portfolio and allocate resources to areas that offer higher potential returns, driving sustainable growth and maximising returns,” said Izaddeen.

“We eagerly anticipate aligning our strategies with LTAT and working towards a shared purpose, which is to provide sustainable returns to the armed forces,” he added.

Boustead, one of Malaysia’s oldest conglomerates, is involved in various sectors such as plantation, heavy industries, property and industrial, trading, finance and investment, and pharmaceutical.

At market close today, Boustead’s share price was flat at 86 sen, giving it a market capitalisation of RM1.72 billion.