KUALA LUMPUR: UEM Group Bhd's top executive is heading for Malaysia Airports Holdings Bhd (MAHB) as the latter's acting chief executive officer (CEO) Mohamed Rastam Shahrom departs, people familiar with the airport operator said.

MAHB is ready to welcome UEM managing director (MD) Datuk Mohd Izani Ghani as its MD while Mohamed Rastam is set to leave his post for a new undertaking at a big local bank.

Business Times learnt that the new MAHB management lineup would be in place as early as this week. The departure of the acting CEO would be this week as well.

The 56-year old Izani currently is still listed as the MD of UEM on the group's website.

It is believed that his appointment will be announced in the next few days.

"The candidate has been identified. He (Izani) will return to MAHB as the managing director," an aviation source told Business Times today.

Mohamed Rastam, who was appointed as MAHB's acting CEO on Oct 25 last year, is widely rumoured to leave the airport operating company for RHB Bank Bhd.

MAHB did not have an MD since the departure of Datuk Seri Iskandar Mizal Mahmood on Oct 24 last year.

Izani was appointed to the board of MAHB on March 21 2011 as a non-independent non-executive director, before stepping down eight years later in 2019.

UEM is a wholly-owned subsidiary of state-owned investment fund Khazanah Nasional Bhd, which also owns a 33.2 per cent stake in MAHB.

Nearly eight per cent of MAHB shares is owned by the Employees Provident Fund (EPF).

The new management lineup is believed to be in line with the upcoming privatisation of MAHB via a consortium called Gateway Development Alliance (GDA).

The consortioum was formed by Khazanah, via its unit UEM, and the EPF as well as Abu Dhabi Investment Authority (ADIA) and Global Infrastructure Partners (GIP).

GDA announced in May a pre-conditional voluntary offer buy all shares in MAHB not already owned by the consortium at an offer price of RM11 per share.

Upon full completion of the acquisition, Khazanah's stake in MAHB will rise to 40 per cent while the EPF's stake will swell to 30 per cent.

GDA said in a statement in May this year that collectively Malaysian investors - Khazanah and the EPF - would own 70 per cent shares of MAHB while 30 per cent will be held by ADIA and GIP.

The government will retain special share rights in MAHB, while the chairman and CEO of the company will continue to be Malaysian citizens.

The Finance Ministry recently said the takeover offer was expected to be finalised in the third quarter of this year and would require the approval of at least 90 percent of MAHB's existing shareholders.

MAHB is managing 39 airports and short take-off and landing air strip (STOLports) until Feb 11, 2069. They include the Kuala Lumpur International Airport in Sepang and Sultan Abdul Aziz Shah Airport in Subang,

https://www.nst.com.my/business/corporate/2024/07/1084166/uems-izani-moving-mahb