Durian planter PLS appoints Nazir Razak as new chairman

 

KUALA LUMPUR: Durian company PLS Plantations Bhd has appointed former CIMB Group Holdings Bhd boss Datuk Seri Nazir Razak as its new chairman effective Feb 10.

Joining Nazir on board is former CIMB senior banker Tan Hong Kheng.

PLS current chairman Tan Sri Lim Kang Hoo will be redesignated as executive vice chairman. PLS is a 73% owned subsidiary of Ekovest. “These appointments are consistent with the Company’s new ambitions to grow more aggressively and transform into a major agri- food business conglomerate," Lim said in a statement today.

Nazir has recently acquired 19 million share sin PLS via a private placement exercise at 95 sen each.

"In order to strengthen my alignment with the future of PLS, in addition to taking up a recent share placement by the Company, I have also acquired an option to purchase existing warrants in PLS that, when exercised, will allow me to increase my shareholding in PLS from 4.75% currently to 9.9% based on its current share capital,” Nazir said. - Star