KUALA LUMPUR (Nov 2): Kretam Holdings Bhd (KL:KRETAM) executive chairman Yin Kong Fung has stepped down from the position after nearly three years at the helm, citing “other work commitments”.

Yin, 48, also resigned as executive director effective Nov 1, the Sabah-based oil palm company said in a bourse filing. 

Meanwhile, Kretam announced the appointment of Chiong Yong Foo as its non-independent non-executive director. He has direct interests of 1.37 million (0.06%) in Kretam and indirect interests of 465.71 million shares (20%) via private vehicles Jeng Huat (Bahau) Realty Sdn Bhd and Kahang Palm Oil Mill Sdn Bhd.

Yong Foo, 61, is the uncle of Chiong Li Wei, an executive director of Kretam. He holds a Bachelor of Business Administration degree from the University of Toledo in Ohio, the US, and has more than 40 years of experience managing oil palm plantations.

Yin, who was appointed executive chairman in March 2024, has also stepped down as chairman of Kretam's risk committee. The committee's remaining members are its substantial shareholder Datuk Lim Nyuk Sang, also known as Freddy Lim, and Wong Lee Hung.

Lim holds a direct stake of 33.07% in Kretam and an indirect stake of  12.76% via his private vehicle Santraprise Sdn Bhd.

Kretam’s share price closed unchanged at 64 sen on Monday, giving the company a market capitalisation of RM1.47 billion.