Thursday 20 Jun 2024
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KUALA LUMPUR (Aug 18): KIP Real Estate Investment Trust (REIT) has appointed its co-founder and executive director Datuk Eric Ong Kook Liong as managing director, a position that had remained vacant since Datuk Chew Lak Seong’s death in June last year.

There has been a slew of shareholding changes since the passing of Chew, with his wife Datin Teoh Siew Chin paring her ownership in the REIT and the emergence of businessman Datuk Eddie Ong Choo Meng as a substantial unitholder with a 19.1% stake.

As at April 21, Teoh held a 6.8% stake in the retail-focused REIT.

KIP REIT also announced in a filing on Thursday (Aug 18) that Chew’s son Chew Kheng Kai, who was appointed as executive director in July last year, has resigned “due to other professional and personal commitments which requires his full attention”.

Meanwhile, Kook Liong’s daughter Ong Pui Shan and Choo Meng’s sister Ong Tzu Chuen were appointed to KIP REIT’s board as executive directors on Thursday.

Kook Liong had a 12.9% stake in KIP REIT as of Sept 20, 2021.

The REIT, which is in the midst of diversifying its portfolio, recently acquired industrial assets from Choo Meng and Hextar Global Bhd.

Units of KIP REIT, which gained about 15% year to date, closed half sen or 0.6% higher at 90.5 sen on Thursday, giving it a market capitalisation of RM457.3 million.

Edited ByS Kanagaraju
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