KUALA LUMPUR (March 21): PRG Holdings Bhd (KL:PRG) on Friday announced the resignation of its managing director Datuk Wee Cheng Kwan.

Wee, 48, has resigned to pursue his personal interests, the company said in a filing with Bursa Malaysia

He had been a member of the board since August 2013, leading the group’s manufacturing, property development and construction businesses. 

His departure arrives after the resignation of PRG’s vice-chairman Datuk Lua Choon Hann in September 2024, also to pursue personal interests. Lua had been with the company since November 2013.

Meanwhile, Tan Sri Dr Mazlan Lazim was redesignated from his position as an independent director to chairman a month after Lua's exit.

PRG’s board now comprises group managing director Andrew Chan Lim-Fai, who was appointed in March 2024. Chan is the son-in-law of PRG’s major shareholder Ng Yan Cheng and the brother-in-law of executive director Ng Tzee Penn, who has been on the board since May 2020.

PRG has been struggling with financial losses over the past three quarters, as its net loss widened to RM74.23 million for the fourth quarter of the financial year 2024, on the back of revenue of RM85.41 million.

This was attributed to a one-off fair value loss on biological assets and impairment loss on financial assets, which offset gains from debt settlements and the reversal of fair value adjustments for trade and other receivables. 

Shares in PRG have rebounded in recent trading sessions, as it closed up half a sen or 5.56% at 9.5 sen on Friday, giving the company a market capitalisation of RM46.33 million.