KUALA LUMPUR (July 4): Johor-based furniture manufacturer SHH Resources Holdings Bhd (KL:SHH) has announced its deputy managing director Datin Teo Chan Huat is stepping down effective Oct 2, 2024, citing retirement and health concerns.
In a filing with Bursa Malaysia on Thursday, SHH Resources said the group had received a resignation letter from Chan Huat, 64, on July 3. Chan Huat has given a three-month notice period.
According to SHH Resources' Annual Report 2023, Chan Huat was appointed to the board in May 1996. "Her vision and leadership had taken the SHH Group from a small furniture manufacturer to become one of the large furniture manufactures in Malaysia. With more than 30 years in the industry, she is considered as one of the pioneers of the Malaysian furniture industry with vast experience and skill in large-scale furniture manufacturing operations."
Chan Huat is the mother of Teo Chee Teng, managing director of SHH Resources and the spouse of Datuk Teo Wee Cheng, founder, managing director and a substantial shareholder of the group. Chan Huat held a direct stake of 6.54% and an indirect stake of 10.75% in the group through Wee Cheng as at Oct 3, 2023.
SHH Resources came under the spotlight after Wee Cheng claimed trial to nine charges in the Sessions Court in Johor Bahru in February 2023 of soliciting bribes worth RM12.8 million and receiving RM1.5 million in connection with the Jana Wibawa programme.
Wee Cheng was accused of receiving bribes in exchange for helping Muar Usaha Bakti Sdn Bhd and TS Dynamic Construction Sdn Bhd procure contracts and subcontractor jobs involving various road upgrade and road construction projects in rural Johor from the government, allegedly by using his government connections.
SHH Resources shares closed up four sen or 3.31% at RM1.25 on Thursday, giving it a market capitalisation of RM124.99 million. Its share price has fallen 13.79% so far this year.