KUALA LUMPUR (June 30): Silver Ridge Holdings Bhd (KL:SRIDGE) has appointed executive director Vincent Gan Kean Cheang as group managing director, filling the leadership vacancy following Datuk Khoo Yik Chou’s resignation last week.
Gan’s redesignation took effect on Tuesday, four days after Khoo, deputy group managing director Syauqat Mohd Suhaimi and executive director Syakur Mohd Suhaimi stepped down as part of what the telecommunications infrastructure installer described as succession planning and a leadership transition.
Gan, 44, was appointed to Silver Ridge’s board as an executive director in August last year. He holds 14.87 million shares in the company, equivalent to 3.6% interest, according to a Bursa Malaysia filing on Tuesday.
The appointment comes after Silver Ridge’s shares plunged more than 40% on Monday following the departure of the three directors, who represented interests linked to two of the company’s largest shareholders.
The stock fell to as low as 10 sen, its lowest level in almost four years, before closing at 11 sen, wiping out about RM30 million in market value on Monday alone. Some 74.37 million shares changed hands.
The sharp decline prompted Bursa Malaysia to issue an unusual market activity query. Silver Ridge said it was unaware of any undisclosed corporate developments, rumours or other reasons that could explain the sell-off apart from the board resignations.
At the midday break on Tuesday, Silver Ridge shares were up two sen or 18.2% at 13 sen, valuing the company at about RM53.3 million. Despite the rebound, the stock is still less than half of last Thursday’s closing price of 28.5 sen, before the three resignations were announced.
Khoo is Silver Ridge’s largest shareholder, with a 17.223% direct stake and a 2.158% indirect interest. Syauqat and Syakur are deemed substantial shareholders through their father, Datuk Mohd Suhaimi Abdullah, who owns a 6.919% stake.
All three departing directors said there were no disagreements with the board and no matters relating to their resignations that needed to be brought to shareholders’ attention.
Gan began his career in 2005 as an offshore geotechnical engineer before moving into property development and other businesses. He was appointed as Silver Ridge’s executive director on Aug 25, 2025.