KUALA LUMPUR, Malaysia (July 5): Boustead Plantations Bhd stated today that Ibrahim Abdul Majid will step down as CEO of the firm effective immediately in order to take on a larger role at parent company Boustead Holdings Bhd (BHB). Boustead Plantations is owned by BHB, which owns 57.42 percent of the company. Boustead Plantations said today in a market filing that Ibrahim, 61, will take on a larger role at BHB to manage plantation technology and innovation projects. In December of this year, he was appointed to his current position.
BHB group managing director Datuk Seri Mohammed Shazalli Ramly said on June 24 that the company will focus on developing and implementing data analytics, a business intelligence platform, and continuous learning to steer its business goals in the right direction.
BHB recently announced that its Reinventing Boustead strategy will be guided by a three-pronged approach: a revitalized transformation program (Rejuvenated EDG?20) for core businesses, driven by a new performance improvement program; exploring and venturing into new business opportunities and sustainability by embracing innovative and relevant technological services; and adoption of relevant technologies.
The newly founded Boustead Technology Services (BTS) and Boustead Digital Services will foster BHB’s desire to extend its traditional brick-and-mortar enterprises (BDS).
Boustead Plantations shares were unchanged at 57 sen at midday, giving the company a market capitalization of RM1.28 billion. Meanwhile, BHB shares were up one sen, or 1.5 percent, to 68 sen, with a market capitalization of RM1.36 billion./n
