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[KUALA LUMPUR] The chief executive of Malaysian state investor 1 Malaysia Development Bhd (1MDB) will step down and be replaced by an Abu Dhabi-based Malaysian banker, an online news portal said on Monday.
Mohd Hazem Abdul Rahman will be replaced by Arul Kandasamy, who has headed up investment banking and the corporate finance division at Abu Dhabi Commercial Bank, Malaysian Insider said, citing unnamed sources. Arul will be made 1MDB group president and executive director, the report said.
1MDB did not immediately respond to requests for a comment. Abu Dhabi Commercial Bank declined to comment.
The move comes just weeks before the state firm prepares for a US$3 billion initial public offering of its power plant assets, aimed at helping the company reduce a debt burden that exceeds US$11 billion.
Plans for the sale have been delayed several times, bankers say, due to a longer-than-expected due diligence process and debt refinancing negotiations.