Zeti’s latest promotion is linked to Daim’s China trip

TTF: Tan Sri Zeti Akhtar Aziz has just been named Sime Darby non-independent and non-executive chairman (see news item below).

For those who don’t know, Sime Darby Property was created through the integration of property arms belonging to the former Golden Hope Plantations Berhad, Kumpulan Guthrie Berhad, and Sime Darby Berhad.

The entity is a portfolio company that receives heavy doses of investments from Permodalan Nasional Berhad (PNB), a central instrument of the New Economic Policy (NEP) that is government linked and investment based.

Zeti was recently appointed PNB group chairperson and tasked with overlooking the company’s investments.

What this means, is that the Council of Eminent Persons member gets to decide how much money Sime Darby Property receives from PNB and how much money PNB invests in Sime Darby Property.

Gamuda Berhad is a PNB core entity.

The Third Force will soon reveal how all this is related to Daim’s China trip and what Gamuda has to do with PNB and Sime Darby.

Suffice to say, Zeti was promoted to PNB and Sime Darby for reasons that haven’t anything to do with transformation as claimed by the Government of Malaysia.

KUALA LUMPUR: Sime Darby Property Bhd has appointed former Bank Negara governor Tan Sri Zeti Akhtar Aziz as its new non-independent and non-executive chairman, effective immediately.

She takes over from Tan Sri Abdul Wahid Omar who had retired from the position at the end of June.

“We are honoured and pleased to welcome Tan Sri Dr Zeti to the board of Sime Darby Property,” Sime Darby Property group managing director Amrin Awaluddin said in a statement.

“Her presence reaffirms PNB’s commitment to Sime Darby Property and our transformation journey. We look forward to work under the chairmanship of Tan Sri Dr Zeti in moving the company forward and to deliver value to our stakeholders,” he said.

Zeti, 70, is also currently group chairman of Permodalan Nasional Bhd. She also serves as a member of the Council of Eminent Persons.

Following Zeti’s appointment, Rizal Rickman Ramli will cease to be acting chairman. Rizal is currently a non-independent and non-executive director on the board.

Sime Darby Property’s share price closed up eight sen or 6.25% at RM1.36 today, for a market capitalisation of RM9.18 billion.

Source: The Edge Markets

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