KUALA LUMPUR (July 1): Iskandar Waterfront City Bhd (IWC) has appointed Lim Chen Herng, son of the group’s executive vice chairman Tan Sri Lim Kang Hoo, to the board as executive director with immediate effect.
In a filing with Bursa Malaysia, IWC said Chen Herng, 35, has been with the family business since his graduation, with management exposure in the property development, construction, finance, oil and gas, and plantation sectors.
At present, Chen Herng is the group executive director of Iskandar Waterfront Holdings Sdn Bhd (IWH), where he oversees the group's business development, financial performance, investment, divestment and other business ventures.
IWH is the 34.29% shareholder of IWC.
Concurrently, IWC also announced that its chief executive officer (CEO) and executive director Wong Khai Shiuan has resigned on Friday (July 1) “to pursue other interest”.
Wong, who has served as IWC CEO since June 2015, is a nephew of Kang Hoo, who is a substantial shareholder in IWC through his stake in IWH. Kang Hoo also owns 0.6% direct stake in IWC.
Shares of IWC fell half sen or 1.6% to close at 30.5 sen per share on Friday, giving it a market capitalisation of RM280.94 million.