KUALA LUMPUR (April 30): SC Estate Builder Bhd said its independent and non-executive chairman, Datuk Cheng Lai Hock, has resigned due to personal commitments.
Cheng, 61, had served as chairman since January 2016, the construction group said in a filing to Bursa Malaysia.
In a separate filing, the group said its managing director, Loh Boon Ginn, is taking over as executive chairman.
Loh, 29, was appointed as managing director in March 2016, and is a substantial shareholder of the group via SC Estate World Sdn Bhd.
His sister Loh Shy Ming is a non-executive director of SC Estate Builder while another sister, Loh Shy Tyug, is a non-independent and non-executive director.
According to its 2019 annual report, SC Estate World Sdn Bhd is the group’s largest shareholder — holding a 10.79% stake.
As part of his resignation, Cheng will also relieve his memberships of SC Estate Builder’s Nomination, Audit and Risk committees, on top of his chairmanship of the remuneration committee.
Shares in SC Estate Builder closed unchanged at two sen today, valuing the group at RM17.66 million. The counter saw 1.14 million shares traded.