KUALA LUMPUR (Nov 6): Datuk Lee Yeow Seng has stepped down from the board of IOI Corp Bhd (KL:IOICORP) to focus on the conglomerate’s property arm, IOI Properties Group Bhd (KL:IOIPG), which is in the midst of listing IOIPG Malaysia Real Estate Investment Trust on Bursa Malaysia.
Yeow Seng, 47, has quit as non-independent and non-executive director at IOI Corp with immediate effect, according to a bourse filing on Friday.
Meanwhile, IOI Corp announced the appointment of Datuk Yeo How, the lead independent non-executive director of IOI Properties, as an independent and non-executive director of IOI Corp effective Friday.
“[His] decision to step down as non-independent non-executive director will enable him to focus more fully on his leadership responsibilities and on advancing IOI Properties’ strategic priorities and creating long-term value for shareholders, particularly given IOI Properties’ significant presence in Singapore and his role as executive chairman of IOIPG Malaysia Real Estate Investment Trust, which is scheduled to be listed on Bursa Malaysia on Nov 25,” IOI Corp said.
Yeow Seng, a member of the IOI group’s Lee family, has been on IOI Corp’s board since June 2008. He joined IOI Properties' board in February 2013, and subsequently held the chief executive officer post from 2014 to 2020. He was appointed as executive vice-chairman in 2020, and resumed the group CEO post in July 2023.
Yeow Seng’s elder brother Datuk Lee Yeow Chor is the group managing director and chief executive of IOI Corp. The brothers are deemed controlling shareholders of IOI Corp via family vehicle Progressive Holdings Sdn Bhd holding 49.8% and IOI Properties via family vehicle Vertical Capacity Sdn Bhd owning 65.7%.
Shares of IOI Corp ended nine sen or 2.04% lower at RM4.33 on Friday, valuing the group at RM27.21 billion.