KUALA LUMPUR (Aug 23): S P Setia Bhd (KL:SPSETIA) said on Friday Datuk Choong Kai Wai remains as the president and chief executive officer of the state-owned property developer.

The statement follows a news report of his purported exit from the company controlled by Permodalan Nasional Bhd. The New Straits Times reported earlier in the day that Choong’s departure could be announced as soon as this week by the state asset manager.

“S P Setia would like to clarify that the speculations are not true,” the company said in a statement.

The company said it will remain committed to achieving its strategic initiatives under Choong's guidance, and “look forward to his continued contributions to the company as we pursue our growth plans and deliver value to all stakeholders”.