KUALA LUMPUR, 25 October 2023 –Dato’ Sri Ahmad Fuaad Kenali, President & Group CEO of UMW Holdings Berhad (“UMW Group”), is scheduled to complete his 3-year term on 31 October 2023. In view of that, he will also cease to be the Executive Director of UMW Holdings Berhad on even date.

Dato’ Sri Fuaad joined the UMW Group on 1 November 2020, during the challenging business environment arising from the Covid-19 pandemic. He introduced the CREST@UMW strategic transformation framework in January 2021 to drive the UMW Group’s aspirations to fully exploit the opportunities in the mobility space and its adjacencies through the Group’s various businesses. The implementation of the CREST@UMW strategic framework has significantly strengthened UMW’s financial performance and enhanced the Group’s environmental, social, and governance (“ESG”) credentials with sustainability positioned as one of the five (5) key pillars of CREST@UMW.

On 24 August 2023, Sime Darby Berhad (“SDB”) announced that it has entered into a conditional share purchase agreement with Permodalan Nasional Berhad (“PNB”) to acquire PNB’s 61.2% stake in UMW Holdings Berhad. The proposed acquisition is expected to be completed by mid-November 2023. To ensure the stability and continuity of UMW Group’s operations during this transition period, Megat Shahrul Azmir Nordin, President of UMW Equipment Division, has been named the Officer-In-Charge (“OIC”) of the UMW Group. He has been with the UMW Group since 2012.

An interim Board Oversight Committee (“BOC”) has also been established to provide guidance to the OIC, effective 1 November 2023. The BOC comprises three (3) Non-Executive Directors who currently sit on the Board of UMW Holdings Berhad, namely, Razalee Amin who will serve as the BOC’s Chairman, Mohd Shahazwan Mohd Harris and Datuk (Dr.) Yasmin Mahmood. The BOC will continue until the Board of Directors decide to disband the committee.

The Board of Directors of UMW Holdings Berhad would like to record its deepest appreciation to Dato’ Sri Fuaad for his invaluable leadership and contributions. Under his leadership, the UMW Group took various initiatives to improve its resilience during the Covid-19 pandemic. As a result, the UMW Group was able to recover swiftly and registered its highest revenue and profit before taxation in the last eight years in 2022.