KUALA LUMPUR (April 11): PRG Holdings Bhd executive director (ED) Datuk Lua Choon Hann has been re-designated as the group managing director (MD) of the manufacturing, property and construction group.

He replaces Jimmy Cheah Eng Chuan, 69, who has been re-designated to MD of the manufacturing division. Cheah has held the position of MD in the company since 2003, and is also a founding member of Furniweb Manufacturing Sdn Bhd, Webtex Trading Sdn Bhd and Texstrip Manufacturing Sdn Bhd, which are wholly-owned subsidiaries of the group.

In a statement today, PRG said Lua, 40, was first appointed to the board on Nov 1, 2013. He is also an independent and non-ED at Pelikan International Corp Bhd since April 1, 2013.

A separate filing with Bursa Malaysia today showed the appointment of former Malaysia External Trade Development Corp (Matrade) chief executive officer (CEO) Datuk Dr Wong Lai Sum as PRG's independent non-ED with immediate effect.

Wong, 61, has served in various capacities in Malaysia’s civil service since 1980. Her areas of expertise include international business, taxation, financial and corporate management and strategic planning.

She was appointed as the CEO of Matrade in August 2012, and retired in mid-June 2015. She was then appointed as Matrade’s advisor to the National Export Council, chaired by the prime minister.

PRG is currently undertaking a property project called Picasso Residence, with a gross development value of some RM600 million.

For the financial year ended Dec 31, 2015, PRG's net profit increased 155.89% to RM6.08 million while its revenue jumped 40.1% to RM129.32 million.

PRG shares closed up one sen or 0.91% to RM1.11 today, for a market capitalisation of RM164.33 million.