Malaysia's $94 billion state fund chairman Wahid Omar to be replaced by former central bank governor Zeti Akhtar Aziz

Mr Abdul Wahid Omar joined state-owned fund manager Permodalan Nasional Berhad in 2016. PHOTO: THE STAR/ASIA NEWS NETWORK

KUALA LUMPUR (BLOOMBERG) - Tan Sri Abdul Wahid Omar has resigned as group chairman of Malaysia's biggest state-owned fund manager, Permodalan Nasional Berhad (PNB).

According to a press statement issued by PNB on Friday (June 29), Mr Wahid will be replaced by former central bank governor Zeti Akhtar Aziz with effect from July 1.

Tan Sri Zeti is presently one of the members of the Council of Eminent Persons, entrusted to advise the government on matters pertaining to economic and financial matters..

Mr Abdul Wahid, who joined the fund in 2016, has served as a Cabinet minister and as chief executive officer of Malayan Banking.

Mr Abdul Wahid joined directors at state-linked Telekom Malaysia and Petroliam Nasional who have stepped down, as well as central bank governor Muhammad Ibrahim, who quit earlier this month after questions were raised about the institution's role in a land deal related to state fund 1Malaysia Development Berhad.

PNB was set up by the government in 1978 to help boost the wealth of the country's ethnic Malays, and remains heavily invested in Malaysia with assets totalling RM279.23 billion (S$94.29 billion) as of end-2017.

Soon after taking the post in 2016, Mr Abdul Wahid unveiled plans to boost the fund's assets to RM350 billion by 2022.

PNB holds stakes in some of the nation's biggest companies, including Maybank, Sime Darby and UMW Holdings.

Its domestic equity investments of RM180 billion is equal to about 10 per cent of the local stock exchange's market capitalisation, Mr Abdul Wahid said in an interview last year.

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