Bertam Alliance’s chairman, director step down

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KUALA LUMPUR (Oct 15): Bertam Alliance Bhd’s chairman and independent non-executive director Wu Ching Min @ Goh Ching Min has resigned, just a year after his appointment as chairman on Dec 20, 2013 and director on Sept 13, 2013, according to information extracted from its latest annual report.

In a filing with Bursa Malaysia today, Wu, 67, cited “personal and other work commitment” as the reason for his resignation. Wu does not hold any shares in Bertam Alliance, a property developer.

Meanwhile, its non-independent non-executive director Khoo Hui Giok, 36, has also resigned citing the same reason. Khoo was first appointed to the board on March 1, 2012.

On Monday, Bertam had announced that its wholly-owned unit Bertam Development Sdn Bhd had entered into a sale and purchase agreement with Nadi Hasil (M) Sdn Bhd to acquire three parcels of factory land in Tuaran, Sabah for RM43 million.

The 33.015-acre land also comprises a brick factory and a block of two-storey office building.

Bertam said it intends to either develop the properties into a 2,560-unit of PR1MA apartments project or a 1,982-unit of five-storey walk-up apartments project, though the feasibility study of the proposed projects has not been finalised.

On July 31, Bertam saw the emergence of a new shareholder, Wisma Jutamas Sdn Bhd, with a 32.89% stake or 68 million shares. Wisma Jutamas, which has Lee Kian Chung and Lee Kian Vui as directors and shareholders, had acquired the stake via an off-market deal from Brem Holdings Bhd.

Bertam closed down 0.5 sen or 0.59% at 84.5 sen today, giving it a market capitalisation of RM174.71 million.