KUALA LUMPUR (April 30): Tycoon Tan Sri Quek Leng Chan has stepped down as non-independent and non-executive chairman of Guocoland (Malaysia) Bhd effective immediately, amid an internal rationalisation and streamlining exercise.
In a filing with Bursa Malaysia, Guocoland Malaysia said Quek, 74, will be replaced by incumbent non-executive director Choong Yee How as chairman.
Independent and non-executive director Tan Sri Nik Mohamed Yaacob had also resigned after serving the board for more than 12 years, alongside non-independent non-executive director Datuk Poh Yang Hong, who stepped down due to work commitments.
According to Guocoland Malaysia's Annual Report 2017, Quek was appointed to the board of directors of the company on June 16, 1990.
He is currently the chairman and chhief executive officer of Hong Leong Co (Malaysia) Bhd; executive chairman of Hong Leong Industries Bhd and Narra Industries Bhd; chairman of Hong Leong Financial Group Bhd, Hong Leong Bank Bhd and HLG Capital Bhd; and chairman of Hong Leong Assurance Bhd, Hong Leong Islamic Bank Bhd and Hong Leong Foundation.
Guocoland Malaysia shares fell 0.5 sen or 0.55% to close at 91 sen today, giving it a market capitalisation of RM637.42 million.