Azman seeks new investment opportunities

TheStar Mon, Apr 05, 2021 07:50am - 1 month ago

Azman said: "I look forward to exploring new investment opportunities mainly in the private equity space in the foreseeable future."

PETALING JAYA: Corporate figure Tan Sri Mohamed Azman Yahya is exploring new investment opportunities after retiring from Symphony Life Bhd as its executive chairman.

Azman said in a statement: “I look forward to exploring new investment opportunities mainly in the private equity space in the foreseeable future.

“Yes, I have decided to realise some of my investments in Symphony Life, including those held by my private investment vehicle Gajahrimau Capital Sdn Bhd. Hence, I have decided to step down as the executive chairman.

“As you would be aware, I have been with the company (used to be known as Bolton Bhd) for almost 16 years. The company has grown from strength to strength and I am pleased with its progress.”

Azman added that Chin Jit Pyng has been his fellow board member and shareholder since he joined Symphony Life years ago and is pleased that he is staying on to lead the business towards further growth.

Last Friday, the company in a filing with the stock exchange announced Azman’s retirement and some boardroom changes.

Azman, who is also the largest shareholder of Symphony Life, had sold 70.02 million shares representing an 11.09% stake in the group via direct business transaction and in the open market.

He is now left with 195.93 million shares, or 31.03%, comprising 11.09% direct interest and 19.94% indirect interest held via his private investment vehicle, Gajahrimau Capital.

According to Symphony Life, Datuk Jasmy Ismail is now re-designated as the new chairman from his previous post of non-executive director. It also announced Chin, 65, as its group chief executive officer. Chin previously held the position of executive director.

Jasmy, 58, is currently the chief executive of SGT International Sdn Bhd, after serving as an independent non-executive director of Malaysia Building Society Bhd from 2009 to 2018.

Shares of Symphony Life closed 3.59% higher to 86 sen on Friday, with a market capitalisation at RM546.51mil.

Azman, 57, started his career at KPMG in London. In 1988, he returned to Malaysia where he built his career in investment banking to become the chief executive of Amanah Merchant Bank.

He came into spotlight during the Asian financial crisis where he was appointed by the government in 1998 to set up and head Danaharta, the national asset management company, and subsequently became its chairman.

He was also the chairman of the Corporate Debt Restructuring Committee (CDRC), which was set up by Bank Negara to mediate and assist in the debt restructuring of viable companies until its closure in 2002.

In 2003, he returned to the private sector and has held various positions at board level of public listed companies. According to Symphony Life’s 2020 Annual Report, Azman is also the chairman of Ranhill Utilities Bhd (formerly Ranhill Holdings Bhd).

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