Kang Hoo now executive chairman of PLS Plantations

This article first appeared in The Edge Financial Daily, on February 15, 2019.
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KUALA LUMPUR: In a flurry of boardroom changes, PLS Plantations Bhd non-executive director Tan Sri Lim Kang Hoo has assumed the executive chairmanship.

Kang Hoo, who is a co-founder of the plantation firm and also executive chairman of Ekovest Bhd and executive vice chairman of Iskandar Waterfront City Bhd (IWC), controls the company via a 23.42% stake held in his private vehicle, Serumpun Abadi Sdn Bhd.

In separate Bursa Malaysia filings, PLS announced that Cho Joy Leong @ Cho Yok Lon and Chow Yoon Sam, both previously independent directors of IWC, were appointed independent and non-executive directors of PLS.

Cho was formerly executive director of Ekovest and later became a non-executive and then independent director of the construction group.

Meanwhile, Chow is still an independent director of Ekovest. He holds 90,000 ordinary shares in PLS.

Kang Hoo’s son, Chen Thai, has been redesignated as alternate director from non-executive director in PLS, while Datuk Ibrahim Keling has resigned as independent and non-executive director due to personal matters, the group said.

PLS managing director is Kang Hoo’s brother, Tan Sri Lim Kang Yew. The group previously did not have a chairman.

Shares in the plantation group closed down 17 sen, or 18.48%, yesterday at 75 sen, giving the group a market capitalisation of RM245.02 million.