Tycoon Quek Leng Chan quits as chairman of Guocoland Malaysia

Quek Leng Chan (AFP pic)

KUALA LUMPUR: Tycoon Quek Leng Chan has resigned as non-independent and non-executive chairman of Guocoland (Malaysia) Bhd effective immediately.

According to The Edge this happened amid a board rationalisation and streamlining exercise.

Quek, 74, is Malaysia’s second richest man, according to Forbes’ 2018 ranking of the world’s billionaires.

The company said in a filing with Bursa Malaysia that Quek, who was appointed to the board of directors on June 16, 1990, would be replaced by incumbent non-executive director Choong Yee How.

The Edge reported that independent and non-executive director Nik Mohamed Yaacob had also resigned after serving the board for more than 12 years. Another non-independent non-executive director, Poh Yang Hong, also resigned, citing work commitments.

Quek is chairman and chief executive officer of Hong Leong Co (Malaysia) Bhd, executive chairman of Hong Leong Industries Bhd and Narra Industries Bhd, and chairman of Hong Leong Financial Group Bhd, Hong Leong Bank Bhd and HLG Capital Bhd. He is also chairman of Hong Leong Assurance Bhd, Hong Leong Islamic Bank Bhd and Hong Leong Foundation.

Guocoland reported an almost six-fold increase in its net profit to RM55.69 million for the third quarter ended March 31, 2018, from RM8.34 million in the previous year’s corresponding quarter, due to the gain on disposals of several assets during the quarter.