KUALA LUMPUR (Oct 11): Sand Nisko Capital Bhd on Tuesday (Oct 11) announced the resignation of Lee Ping Wei as its executive director, less than eight months after he was appointed.
According to the group’s bourse filing, Lee, 33, resigned “to focus on other matters that require his full attention”. He was appointed to the post on Feb 28.
Based on Sand Nisko’s bourse filing then, Lee has more than 10 years of experience in engineering, construction, property development, telecommunication, energy and utilities, serving as project director and corporate finance director in China’s GLC-listed companies.
“He is also the director and managing director in several local IT, energy and utilities companies. Under the guidance and brilliant leadership of Lee, the team has managed to complete billions worth of highly claimed projects in China, Hong Kong and Malaysia.
Prior to that, he had served as the executive director of HB Global Ltd, but stepped down in August last year after helming the group for about six months.
Sand Nisko, formerly known as Len Cheong Holding Bhd, is involved in the manufacturing of rubberwood furniture in Malaysia, with the group’s main products comprising furniture for the bedroom, living room and dining room.
Following Lee’s resignation on Tuesday, Sand Nisko announced the appointment of Datuk Seri Yeong Joo Hock as non-independent and non-executive director. He holds 3.24 million shares in the company.
According to Sand Nisko, Yeong, 50, started off as a property entrepreneur, specialising in brokering land deals and property development, besides also being involved in the conversion and enhancing of land base properties.
He then became involved in the bulk purchase of completed houses, apartments, condominiums, and shop houses.
“With his profession, Yeong has successfully developed, launched and proven himself to replicate this process for a few projects with combined gross development value exceeding RM2 billion.
“He also diversified his investment portfolio via his expertise into various industries and segments such as industries’ products, and investments into valuable assets internationally,” added Sand Nisko.
Shares of Sand Nisko closed unchanged at 32 sen on Tuesday, valuing the furniture maker at RM74.2 million.