KUALA LUMPUR (June 19): Prestar Resources Bhd (KL:PRESTAR) has announced the retirement of its group managing director Datuk Toh Yew Peng, and the appointment of Kenny Toh Jin Tat to succeed him.

The changes, effective Friday (June 19), are part of a leadership transition plan, said the steel products manufacturer in a statement.

The group said Yew Peng, 73, will now assume an advisory role as senior adviser, where he will provide guidance on strategic matters, business continuity and key stakeholder relationships.

Jin Tat, 50, an executive director of the company, will in his new role as managing director assume overall responsibility for the group's management, business performance and strategic execution. He is the son of Prestar’s major shareholder Toh Yew Keat, who is also Yew Peng’s brother.

Another brother, Yew Seng, 64, has been redesignated from group executive director to executive vice-chairman, where he will provide senior executive guidance on strategy, business transformation, stakeholder engagement and key corporate initiatives.

Meanwhile, executive director Andy Toh Jin Hong, 48, has been redesignated as deputy group managing director. He will drive the execution of group strategies and operational plans, with a particular focus on the group's product manufacturing division.

Jin Hong has no immediate family relationship with any director or major shareholder of the company, the company’s annual report showed.

Prestar's revenue has declined for three consecutive years after peaking at RM606.96 million in the financial year ended Dec 31, 2022 (FY2022). It fell to RM470.48 million in FY2025.

Net profit stood at RM20.98 million in FY2025, compared with RM95.20 million in FY2021, although earnings have fluctuated over the period.

Yew Keat and Yew Peng jointly control a 24.84% stake in Prestar through Fabulous Essence Sdn Bhd, making them the company's largest shareholders.

Prestar’s share price closed unchanged at 29.5 sen on Friday for a market capitalisation of RM106 million.