Ideal Property Group chairman resigns from Mega Sun City board

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KUALA LUMPUR (Feb 6): Datuk Alex Ooi Kee Liang has resigned as the managing director of Mega Sun City Holdings Bhd.

In a filing to Bursa Malaysia today, Mega Sun City said Ooi, 46, has resigned due to other personal commitments.

Ooi is no stranger to the Penang property scene. He is the executive chairman of Ideal Property Group, which is famed for its affordable and medium range developments on the island.

In a separate filing to the exchange today, Mega Sun City announced that its executive director Datuk Liang Chee Fong, 44, has been re-designated to the role of managing director following Ooi's resignation.

Ooi had relinquished his substantial stake in Mega Sun City in November 2015. He had disposed of 41.39 million shares, representing a 22% stake in the company.

At the same time, Klang-based company Success Tower Sdn Bhd purchased 49.05 million shares in Mega Sun City, which was then known as Ideal Sun City Holdings Bhd, bringing its total shareholdings in the company to 58.05 million or a 31.27% stake.

Mega Sun City provides project management services for commercial and residential property developments.

Its shares closed down 0.5 sen (1.5%) to 33.5 sen today, giving it a market capitalisation of RM63.65 million.