KUALA LUMPUR (Dec 20): Mega First Corp Bhd (KL:MFCB) announced that its executive director, Goh Nan Yang, will step down from his position effective Dec 31, upon the expiry of his employment contract.

In line with his resignation, Nan Yang will also vacate his role as an alternate director to MFCB’s executive chairman, Goh Nan Kioh, who is his brother, according to the company’s bourse filing.

Nan Kioh holds a 2.77% direct stake and a 32.13% indirect stake in MFCB, making him the largest shareholder of the group that operates a slew of ventures from limestone quarrying to packaging and hydro power plant operations.

Meanwhile Nan Yang, who owns a 1.34% direct stake in MFCB, has served as the company’s executive director for two decades, having been appointed to the board in November 2004.

Nan Yang is also the uncle of MFCB executive director Goh Mei Sze.

Shares of Mega First closed down two sen or 0.46% to RM4.37 on Friday, giving it a market valuation of RM4.14 billion. The counter is up 18% this year.