Toyo Ventures Holdings Bhd has announced that its group managing director, Chew Cheong Loong, will step down from his role effective Saturday, Feb 28. Chew, 58, who has been on the board since March 2019, is resigning to “pursue personal interests,” according to a Bursa Malaysia filing. No replacement has been announced.
Chew’s exit comes at a challenging time for the group. Toyo Ventures is dealing with the fallout from the cancellation of the Song Hau 2 thermal power plant project in Vietnam, which had been central to its growth strategy. The group has previously stated it is in discussions with the Vietnamese government regarding the project.
In addition to project setbacks, Toyo Ventures experienced a major shareholder change last October, when former largest shareholder Eng Lian (L) Inc sold 32.8 million shares, reducing its stake from 25.76% in June 2025 to 5.9%. Eng Lian first became a substantial shareholder in February 2021. Other major shareholders include executive director Tham Kut Chong with 12.2% and Lam Peng Kee with 7.44%.
Alongside Chew’s departure, the group also announced the appointment of Ng Jing-Yi as a non-independent, non-executive director, effective the same day.
Toyo Ventures shares closed unchanged at 19.5 sen, giving the group a market valuation of RM31.54 million.
