KUALA LUMPUR: Sunway Bhd announced the resignation of Ong Pang Yen, its joint managing director (MD) of the group’s property development division (PDD), effective May 1, 2015. He will be joining Sunway Education Group Sdn Bhd.

According to Sunway’s announcement to Bursa Malaysia, Ong has been with Sunway for 22 years and has served as the chief operating officer for property development in China and MD for its international property development division.

“In May 2013, he was appointed joint MD of PDD, Malaysia/Singapore to assist in strengthening the property development team and was instrumental in the implementation and execution of several major initiatives,” said Sunway (fundamental: 1.5; valuation: 1.2).

Following his resignation, Sarena Cheah Yeah Tih, currently joint MD, will be appointed as MD of Sunway’s PDD. Cheah is the daughter of Tan Sri Dr Jeffrey Cheah Fook Ling, the executive chairman and major shareholder of Sunway.

Sunway closed unchanged at RM3.48 yesterday, with a market capitalisation of RM6 billion.

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This article first appeared in The Edge Financial Daily, on March 12, 2015.