Pasdec CEO steps down on contract expiry

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KUALA LUMPUR (July 16): Pasdec Holdings Bhd chief executive officer (CEO) Datuk Zuber Shamsuri will step down from his post following the expiry of his contract tomorrow (July 17).

According to Pasdec's Annual Report 2017, Zuber, 51, was appointed as CEO on July 17, 2017. Previously he was a group project director of Zenith Aim Group. He joined Zenith Aim Group of Co since 1989 and has in depth experience in project development planning, construction and property management.

On July 3, Pasdec's substantial shareholder Datuk Seri Tew Kim Thin had launched a bid to acquire the remaining shares he does not own in the Kuantan-based property developer, as well as its warrants for 52.5 sen per share and one sen per warrant respectively. Pahang State Development Corp now owns a 26.57% stake in the group.

Pasdec shares closed unchanged at 51 sen today, giving it a market capitalisation of RM204.19 million.