Kuok Hui Kwong, chairman and executive director of Shangri-La Asia, will assume the role of chief executive officer effective 1 August. The appointment consolidates leadership within the group as it navigates a challenging operating environment.
Kuok, 47, was appointed as an executive director in June 2016 and elevated to chairman six months later. The company stated the dual role under Kuok’s leadership is expected to strengthen strategic cohesion and operational execution, ensuring a unified vision across all levels of management.
Daughter of Malaysian tycoon Robert Kuok, she is entitled under her current contract to a monthly base salary of HK$576,000, in addition to a discretionary bonus and pension benefits. Kuok holds direct and indirect interests in 95,570,245 shares, listed on both the Hong Kong and Singapore exchanges.
For the financial year ended December 2024, Shangri-La Asia reported revenue of US$2.185 billion, marking a 2 per cent year-on-year increase. However, net earnings declined 12.3 per cent to US$161.4 million as a result of elevated operating and financing costs. As at 31 December 2024, the company’s net asset value per share stood at HK$11.32, with an adjusted NAV per share of HK$23.56.
Kuok succeeds former CEO Lim Beng Chee, who stepped down in December 2022 but continues to serve as a non-executive director on the board. Lim previously held the role of CEO at CapitaMalls Asia.
Shares of Shangri-La Asia listed on the Singapore Exchange last traded at HK$4.72, reflecting a 9.92 per cent decline year to date.
-The Edge
