PNB says to keep SP Setia management

Permodalan Nasional Bhd, Malaysia’s biggest state-asset manager, plans to retain SP Setia Bhd’s current management team with Liew Kee Sin as chief executive officer following its proposed buyout, according to a joint stock exchange filing in Kuala Lumpur today.

PNB is also committed, once markets stabilize, to maintain an “appropriate” shareholding spread to attract local and foreign investors, the statement said.

Liew reiterated the board’s advice to wait for PNB’s offer document and a circular from independent advisor AmInvestment Bank Bhd before deciding on the general offer, it said.

The joint statement followed a meeting last week between Liew and PNB President Hamad Kama Piah Che Othman, it said.

By Bloomberg