CEO Morning Brief

Hektar Asset Management Announces CEO Resignation

Publish date: Wed, 12 Jun 2024, 10:50 AM
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TheEdge CEO Morning Brief
Johari Shukri Jamil decided to step down to pursue new opportunities. (Photo by Hektar REIT)

KUALA LUMPUR (June 11): Hektar Asset Management Sdn Bhd, the manager of Hektar Real Estate Investment Trust (KL:HEKTAR), has announced the resignation of its executive director and CEO Johari Shukri Jamil effective immediately.

Johari, 52, has decided to step down to pursue new opportunities after holding the CEO post for two years, according to a statement.

Prior to this, Johari served as a non-independent non-executive director at Main-Market listed Hektar REIT.

“With over 20 years of extensive corporate experience in real estate, industrial development, logistics and engineering, Johari has been instrumental in steering Hektar REIT through the post-pandemic recovery and spearheading growth.

“During his tenure, Johari worked closely with the board and management team to define and execute Hektar REIT’s overall strategy, overseeing strategic development and day-to-day operations,” the statement read.

It added that Hektar REIT remains committed to navigating an increasingly competitive retail landscape by diversifying its asset portfolio.

As part of this diversification, the trust had planned its first non-retail acquisition, Kolej Yayasan Saad Melaka, a fully residential and co-educational private school that offers quality education, with completion expected this month.

Hektar REIT currently owns 2 million sq ft of retail space in Selangor, Melaka, Johor and Kedah, with assets valued at RM1.2 billion as at Dec 31, 2019. Its portfolio of commercial properties includes Subang Parade in Subang Jaya, Mahkota Parade in Melaka, Central Square in Sungai Petani and Segamat Central in Segamat.

Units of Hektar REIT closed up one sen, or 1.54%, at 66 sen on Tuesday, valuing the REIT at RM466.5 million.

Source: TheEdge - 12 Jun 2024

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