Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 13): Axis REIT Managers Bhd, the manager of Axis Real Estate Investment Trust (REIT), will promote its chief operating officer (COO) Leong Kit May to the position of chief executive officer (CEO) on Jan 1, 2016, replacing Datuk George Stewart LaBrooy who will retire on Dec 31.

In a filing with Bursa Malaysia today, Axis REIT said it has received approval from the Securities Commission Malaysia vide its letter dated Oct 13 for the appointment.

"LaBrooy will continue to serve the board as a non-independent non-executive director from Jan 1, 2016," it added.

Axis REIT said it will make the relevant announcements on the changes in the composition of the board in accordance with the requirements of Bursa Malaysia at the material time.

According to the trust’s Annual Report 2014, LaBrooy, 63, has been serving in its current post for seven years.

He became a director of Axis REIT on Oct 25, 2004, and was appointed as executive director on March 22, 2005. He was first redesignated as COO on Sept 18, 2007, then as CEO on Aug 5, 2008.

LaBrooy has held top management positions in the industrial sector for over 20 years before joining Axis Equities Sdn Bhd, a major shareholder of Axis Development Sdn Bhd, in 1995.

Meanwhile, Leong, 38, joined Axis REIT in 2006 and was promoted to chief financial officer on Aug 5, 2008. She was appointed as executive director to the board on Nov 15, 2011 before being promoted to COO on Jan 19.

Leong was instrumental in converting Axis REIT into an Islamic industrial REIT, leading the creation of Axis REIT’s first Islamic medium term notes (sukuk) issuance programme of RM300 million in 2012.

Last year, she spearheaded the project to increase the trust’s existing sukuk programme to RM3 billion to allow for future issuances.

Axis REIT shares closed 6 sen or 3.43% lower at RM1.69 today, bringing a market capitalisation of RM1.92 billion. 

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
 

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