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KUALA LUMPUR (October 9): UEM Sunrise Bhd CEO Anwar Syarin Abdul Ajib, who is also the CEO, resigned today after being in charge for six years.
“The board will deliberate on the effective date of Anwar Syahrin’s resignation. In the meantime, a transition plan will be implemented for the smooth handover of its responsibilities to ensure the continued management of UEM Sunrise’s business and operations, ”said UEM Sunrise in a presentation to Bursa Malaysia.
Coincidentally, his resignation is at a time when UEM Sunrise’s board is expected to deliberate on the proposal made by its majority shareholder, UEM Group Bhd, to merge with Eco World Development Bhd. UEM Group, a wholly owned unit of Khazanah Nasional Bhd, holds a 66.1% stake in UEM Sunrise Bhd.
The proposed merger plan will be carried out through an exchange of shares and guarantees. Upon completion of the merger, UEM Group will remain the largest shareholder in the merged entity with a 43% stake.
Under the proposal, UEM Sunrise will issue new shares at a proposed price of 44.3 sin each to exchange for EcoWorld shares, which are priced at 46.9 sin each.
The UEM Sunrise share price rose one sen to 39 sen today, bringing the market capitalization to RM1.77 billion.
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