KUALA LUMPUR (Nov 22): One of Matang Bhd's two executive directors (EDs), Datuk Lawrence Low Ah Keong, will resign from the MCA-affiliated plantation company by the end of March next year.
Citing “other commitments” as the reason in a bourse filing, the 51-year-old MCA vice president will leave Matang after more than four and a half years to his appointment on May 23, 2019. Datuk Ng Keng Heng is the other executive director on Matang's five-member boardroom.
MCA is the largest shareholder in Matang, controlling a 17.69% stake through Huaren Holdings Sdn Bhd and Rohua Sdn Bhd.
Low was also chairman of Port Klang Free Zone Sdn Bhd between 2020 and 2022.
Matang released its quarterly results on Tuesday, reporting a net profit for the first quarter ended Sept 30, 2023 (1QFY2023) of RM2.67 million, 25% higher than RM2.13 million a year ago, despite revenue falling 17% to RM3.92 million from RM4.73 million.
Although the group faced headwinds including lower palm oil prices and higher costs of operation, Matang attributed the higher profit to “assignment of amount owing of RM1.75 million to Matang arising from the acquisition of subsidiary”.
Matang had on July 25 made a RM30.57 million acquisition of a Johor-based company Greencode Farm Sdn Bhd, which owns freehold agricultural lands in Batu Pahat, comprising 39 hectares of oil palm trees and 17ha of durian trees.
Shares of Matang closed unchanged at 8.5 sen, giving it a market capitalisation of RM203.08 million.