Zeti to Be Named Chairman of PNB

Tan KW

Publish date: Fri, 29 Jun 2018, 05:11 PM

Zeti Akhtar Aziz will replace Abdul Wahid Omar as executive chairman of Malaysia’s biggest state-owned fund manager, people with knowledge of the matter said.

The board of Permodalan Nasional Bhd. was told of the change in leadership at a special meeting in Kuala Lumpur on Friday, said the people, who asked not to be identified as the information is private. Wahid, who joined the fund in 2016, has served as a government minister and chief executive officer of Malayan Banking Bhd.

Zeti currently sits on a council that advises Prime Minister Mahathir Mohamad, after having served as central bank governor until 2016. She was Bank Negara Malaysia’s first female governor.

Wahid joined directors at state-linked Telekom Malaysia Bhd. and Petroliam Nasional Bhd. who have stepped down, as well as central bank Governor Muhammad Ibrahim, who quit earlier this month after questions were raised about the institution’s role in a land deal related to state fund 1MDB.

A spokesperson for PNB couldn’t be reached for comment. Star newspaper earlier reported Wahid’s resignation, citing an unnamed source.

PNB was set up by the government in 1978 to help boost the wealth of the country’s ethnic Malays, and remains heavily invested in Malaysia with assets totaling 279.23 billion ringgit ($69 billion) as of end 2017. Soon after taking the post in 2016, Wahid unveiled plans to boost the fund’s assets to 350 billion ringgit by 2022.

PNB holds stakes in some of the nation’s biggest companies, including Maybank, Sime Darby Bhd. and UMW Holdings Bhd. Its domestic equity investments of 180 billion ringgit is equal to about 10 percent of the local stock exchange’s market capitalization, Wahid said in an interview last year. - Bloomberg

Discussions

Be the first to like this. Showing 5 of 5 comments

relaks

Good!

2018-06-29 17:23

kiasoocheena

Kss55...I am not backing Wahid the dumbhead....but curious why Zeti is any better?

2018-06-29 17:36

eleh

Lol. Wahid is not bad as well la. Dont critisize ppl just because of the difference of political view. It show how low you are.

2018-06-29 17:42

kiasoocheena

don't be quick to judge other people's opinion as well...it does not necessarily come from this fella's political stand but rather the takes/mistakes he made on the movement of the economy...it also shows how low you can be too.

2018-06-29 20:05

targetinvest

Zapping economy soon. Zap for the better

2018-06-29 20:08

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