KUALA LUMPUR (July 23): Sabah-based Kwantas Corp Bhd today announced the demise of its group chief executive officer Kwan Ngen Chung at the age of 58.

In a filing with Bursa Malaysia, the oil palm plantation company said Kwan passed away today after a short illness.

"The board of directors expresses its deepest sorrow over the death of Mr Kwan Ngen Chung and conveys its condolences to his family.

"The board acknowledges him for his invaluable contributions and leadership over his 30 years with the group and will always be remembered," it added.

Kwantas said the group has an experienced and dedicated management team and the board therefore remains confident with the management's abilities to lead and achieve the group's initiatives and plans.

According to Kwantas' Annual Report 2017, Kwan was one of the co-founding directors of the group. Prior to founding the company, Kwan has been principally involved in the oil palm industry. He also has substantial experience in stone quarry operation, road construction and property development.

"Using his vast knowledge and experience obtained in the past 30 years, he and his brother, Kwan Ngen Wah established Kwantas in 1995," the report stated.

Kwantas shares closed down 2.26% or 3 sen at RM1.30 today, with 5,000 shares traded, giving it a market capitalisation of RM405.18 million.