Friday 29 Mar 2024
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KUALA LUMPUR (July 13): Global Oriental Bhd (GOB) announced today that it has appointed Chin Hon Keong as its executive director, effective immediately.

In a filing with Bursa Malaysia today, GOB said Chin, 61, has 30 years of working experience in finance and accounting.

"Prior to joining the group, he was the director of Global Finance and Treasury of Crabtree and Evelyn Group," it added.

According to GOB, Chin had held various senior management positions in companies involved in property development, retail operations, manufacturing and hospitality.

GOB is a property developer formerly known as Equine Capital Bhd.

Its developments are in the Klang Valley (Seri Kembangan and Subang Jaya) and Penang (Batu Kawan).

For the financial year ended March 31, 2015 (FY15), it posted a net profit of RM31.46 million from RM39.04 million. Revenue for the year stood at RM445.75 million from RM352.1 million.

On prospects, GOB said the Malaysian property market remains challenging in 2015 with concerns about oversupply of properties, banks' credit tightening measures as well as increased purchasers' cautious sentiments after the implementation of goods and services tax (GST) on April 1 this year.

"Nevertheless, the group is confident [of maintaining] its performance given that our land banks are mainly located at strategic development areas including in Kuala Lumpur," it added.

Shares in GOB closed unchanged at 49 sen for a market capitalisation of RM222.79 million.

 

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