KUALA LUMPUR: Bina Puri Holdings Bhd has announced significant changes in its boardroom, with the retirement of founder director Dr Tan Cheng Kiat and deputy executive chairman Tan Sri Tee Hock Seng. Cheng Kiat, 77, who founded the company in 1975, has served on the board since 1990 and holds a 2.38% equity interest in the group. Hock Seng, 76, also joined the board in 1990 and has had a long tenure with the company, holding a 3.05% direct and 5.55% indirect stake.
Their retirement comes at a time when the company faces financial challenges, including a winding-up petition filed by Wisma Majujaya Sdn Bhd over an unpaid RM30 million court award. The High Court had previously granted a summary judgment in favour of Wisma Majujaya, seeking the company’s liquidation.
In response to the changes, Bina Puri has also announced the redesignation of Chai Chan Tong, who has moved from group managing director and CEO to group managing director. Chai, who holds a 24.64% stake in the company, was appointed to the board in January 2023 and took on the role of CEO in October 2023. Additionally, Goh Kee Lun has been appointed as executive director and group chief financial officer. Goh, a major figure in the smart e-scooter space, will also lead the company’s financial strategies.
Joining the board is Datuk Seri Mohd Kamarudin Md Din, a retired police commissioner, who has been appointed as an independent and non-executive director. Kamarudin, the former chief police officer of Johor, brings his extensive experience to the board.
Bina Puri’s stock has been on the rise recently, climbing from a 52-week low of 26 sen to close at 34.5 sen on Wednesday, with the company now valued at RM275.05 million.
