KUALA LUMPUR (May 2): Tanco Holdings Bhd today announced the demise of its adviser and non-independent non-executive director Datuk Seri Tan Jing Nam at the age of 62.

In a filing with Bursa Malaysia today, Tanco said Tan passed away peacefully yesterday (May 1).

It added that the board of directors will appoint suitable candidate(s) to fill the vacancy of member of the remuneration committee in due course.

The composition of the remuneration committee currently comprises Datuk Dr Mohd Aminuddin Mohd Rouse as chairman and Datuk Dr Mohd Noordin Keling as a member.

According to the filing, Tan was appointed to the board on July 28, 1995 and was Tanco's group managing director since Oct 23, 1995. On March 18, 2015, he was re-designated as non-independent non-executive director of Tanco.

On Aug 26, 2015, he was appointed as adviser of Tanco.

"Tan [had] extensive experience in the property and construction sectors and was the driving force behind the successful development of Bandar Country Homes, a self-contained township in Rawang, Selangor. Under his leadership, Tanco Group has expanded its property development and construction businesses to include vacation clubs and resorts related activities," said the group.

Tan was the father of Andrew Tan Jun Suan — Tanco's current group managing director — and a major shareholder of Tanco, with a 12.04% stake as at April 27 which has since been transferred to his sons.

Tanco closed down 0.5 sen or 4.54% at 10.5 sen today, with 26,500 shares done, bringing a market capitalisation of RM70.5 million.