KUALA LUMPUR: Egg producer Lay Hong Bhd has redesignated its group managing director Yap Hoong Chai as its new executive chairman yesterday.
Yap, 65, a founding member of the group, is also brother to two company directors, Yeap Weng Hong and Yeap Fock Hoong, Lay Hong’s filing with Bursa Malaysia yesterday showed.
Yap was first appointed to the board of directors of Lay Hong on Sept 27, 1983.
As at Feb 16 this year, he held a 1.18% direct stake, with a 42.79% indirect stake in the company.
Yap was previously the president of the Selangor Livestock Association’s egg division and is currently the chairman — layer unit — of the Federation of Livestock Farmers' Association of Malaysia (FLFAM).
Shares in Lay Hong closed two sen or 0.57% lower at RM3.48 yesterday, for a market capitalisation of RM180 million.
This article first appeared in digitaledge Daily, on September 9, 2015.