Heng Huat’s newly appointed executive director resigns

KUALA LUMPUR (Feb 19): Datuk Teoh Hai Hin has resigned as executive director of Heng Huat Resources Corp Bhd, less than two weeks after his appointment to the position.

In a filing today, Heng Huat cited “personal matter” as the reason for Teoh’s resignation.

Teoh is the managing director of Hong Seng Group, which is involved in commercial and heavy vehicle distribution, asset management, property development and construction.

The latest change of guard came on the heels of the eventual resignation of Heng Huat’s executive chairman Ooi Chieng Sim from the company last week, after he was implicated in a  massive drug trafficking probe that spanned multiple states in the country.

Ooi continues to own a 20.3% stake in Heng Huat.

Heng Huat shares were last traded at 3.5 sen, valuing the ACE Market-listed company at RM11.89 million.

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