KUALA LUMPUR (Nov 4): The Chiong family has strengthened its representation on the board of oil palm plantation owner and miller Kretam Holdings Bhd (KL:KRETAM), following a series of board appointments and committee changes.
Executive director Chiong Li Wei, 31, has replaced major shareholder and chief executive officer Datuk Freddy Lim Nyuk Sang, 74, as chairman of the risk committee.
Li Wei is the child of Chiong Kiau, a common director of Jeng Huat (Bahau) Realty Sdn Bhd and Kahang Palm Oil Mill Sdn Bhd, which are substantial shareholders of Kretam and are involved in businesses similar to those of the group.
Earlier, on Nov 1, the company appointed Chiong Yong Foo as a non-independent and non-executive director. Yong Foo is the uncle of Li Wei, who joined the board in July 2025.
Members of the Chiong family are the company's second-largest shareholders, mainly through their interests in Jeng Huat (Bahau) Realty and Kahang Palm Oil Mill companies. Jeng Huat (Bahau) Realty owns a 10.003% stake while Kahang Palm Oil Mill owns 10.005%.
The changes come alongside the redesignation of independent and non-executive director Lim Shaw Keong, 69, as Kretam's chairman following the resignation of Yin Kong Fung, 48, on Nov 1. Yin cited work commitments for his departure.
Shaw Keong joined the board on Dec 31, 2022, and previously chaired the audit committee. He was also a member of the remuneration and nomination committees.
Kretam also appointed Teo Gim Suan, 63, as an independent and non-executive director on Nov 4, with Teo taking over as chairman of the audit committee.
Separately, independent director Lee Chi Min, 66, has also been appointed to the risk committee. He is already a member of the audit, nomination and remuneration committees.
Nyuk Sang remains Kretam's largest shareholder, with a 33.068% direct stake and a 12.759% indirect interest through, among others, Santraprise Sdn Bhd.