Uem Sunrise Chief Quits Days After Eco World Merger Proposal

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Anwar Syahrin Abdul Ajib. (File pic)PETALING JAYA: Anwar Syahrin Abdul Ajib has resigned as chief executive of government-linked property developer UEM Sunrise Berhad days after a proposed merger with private developer Eco World Development Group Berhad.
In a statement, UEM Sunrise said Anwar tendered his resignation today and the board of directors “will deliberate on the effective date of Anwar’s resignation”.
“In the meantime, a transition plan will be executed for a smooth handover of his responsibilities to ensure continued management of UEM Sunrise business and operations.”
The company added that it would make the necessary announcement on the resignation date “in due course”.
UEM Sunrise, the property arm of sovereign wealth fund Khazanah Nasional Berhad, is the company behind the Mont Kiara and Dutamas developments in Kuala Lumpur which are among its various projects in the Greater Kuala Lumpur area, Iskandar Puteri, Johor; Singapore and Australia.
Eco World is the developer of the Bukit Bintang City Centre project in Kuala Lumpur, among its developments in the Klang Valley, Iskandar Malaysia, Penang, Singapore and UK.
On Monday, UEM Sunrise received a letter of proposal from UEM Group Bhd for a merger with Eco World.
It was proposed the two companies would merge through an exchange of shares and warrants. Eco World will subsequently be delisted from Bursa Malaysia.
UEM Group said it was expecting a decision on the proposal by Oct 30.
Under the proposal, Khazanah will remain the biggest shareholder when the merger is completed, followed by the significant shareholders of Eco World collectively.
It was proposed that the chairman of the enlarged company be appointed from among existing board members of UEM Sunrise. - FMT

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