KUALA LUMPUR (Dec 1): Property developer Avaland Bhd (formerly known as MCT Bhd) has redesignated its non-independent non-executive director Apollo Bello Tanco as the group’s executive director (ED) and chief executive officer effective Jan 1, 2024.

He succeeded Teh Heng Chong, who has resigned to pursue his personal interest. Teh was appointed to the board as the ED and CEO in March 2019.

According to the group’s annual report, Apollo first joined the board as a non-independent non-executive director in January 2019. Subsequently, within two months, he was appointed to the positions of ED and chief operating officer (COO) in March 2019.

In December 2022, he was redesignated to non-independent non-executive director.

“Pol (Apollo) brings with him a wealth of both technical and management experience, having served as the senior estate development head at Ayala Land and is responsible for the development [of] five townships covering almost 5,500 acres. He also served as the head of project and strategic management group of Avida Land Corp, which is the development arm of Ayala Land that serves the middle income segment,” said chairman Tan Sri Abi Musa Asa’ari in a separate statement.

Having been with Ayala Land for close to 30 years, Pol’s appointment as ED and CEO will further enhance operational alignment and create more synergies between Ayala Land and Avaland, he said.

“We believe that Pol’s broad and extensive experience in the property development industry, coupled with his strong leadership skill and vision, will further strengthen Avaland’s position in the industry and propel our Group to greater heights,” he added.

Shares of Avaland closed half a sen or 2.08% lower at 23.5 sen on Friday, giving the group a market capitalisation of RM342.39 million.