Megat Najmuddin is Sime Darby Plantation's new chairman

Tan Sri Megat Najmuddin Megat Khas

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KUALA LUMPUR (June 30): Sime Darby Plantation Bhd (SDP) announced today Tan Sri Megat Najmuddin Megat Khas' appointment as the company's non-independent and non-executive chairman effective tomorrow.

In separate filings with Bursa Malaysia today, SDP also announced Tan Sri Abdul Ghani Othman's resignation as non-independent and non-executive chairman effective today.

SDP said Megat Najmuddin, 75, currently holds chairmanship at a number of publicly listed and private companies as well as non-governmental organisations.

According to SDP, Megat Najmuddin is chairman of Asian Pac Holdings Bhd, SEG International Bhd, Green Venture Capital Sdn Bhd, Ulink Ascot Sdn Bhd and Malaysian Institute of Management.

"He is also the president of Federation of Public Listed Companies Bhd," SDP said.

SDP said today Megat Najmuddin had previously held numerous key positions in public and private sectors. According to SDP, he is formerly a director of Petronas besides chairman of Omesti Bhd, Tradewinds Corp Bhd and Majuperak Holdings Bhd.

SDP said he was also a member of the National Economic Consultative Council 2 and Corporate Debt Restructuring Committee of Bank Negara Malaysia besides the honorary patron of the Malaysian Institute of Corporate Governance of which he was president from 1998 to 2015.

Meanwhile, SDP said Abdul Ghani's, 73, resignation was due to the change of nominee director from major shareholder Permodalan Nasional Bhd (PNB).

According to SDP, prior to Abdul Ghani's resignation, he had been SDP board member for seven years since 2013.

"The board of SDP extends its deep appreciation to Abdul Ghani for his invaluable contributions and services to the SDP Group during his tenure as a director and chairman of SDP," SDP said.

At Bursa today, SDP's share price settled down five sen or 1.01% at RM4.90 for a market capitalisation of RM33.8 billion. The stock saw 859,900 shares traded.

SDP's latest annual report showed that Amanah Saham Bumiputera owned a direct 45.19% stake in SDP as at April 2, 2020.

PNB's wholly-owned unit trust company Amanah Saham Nasional Bhd (ASNB) manages Amanah Saham Bumiputera, according to ASNB's website.