Chung Soo Kiong to take the helm at Sunway Construction as Kwan Foh Kwai says to retire by year end

KUALA LUMPUR (Oct 30): Sunway Construction Group Bhd (SunCon) said its senior managing director (MD) Kwan Foh Kwai plans to retire at the end of this year, seeking not to extend his contract past Dec 31.

Its current deputy MD Chung Soo Kiong, 48, will succeed Kwan, 63, in his post effective Nov 1.

In a filing with Bursa Malaysia today, SunCon said Kwan will remain on the board as a non-independent non-executive director from Jan 1, 2016 and will continue to contribute to the group.

Chung joined Sunway Construction Sdn Bhd in 1997, and served as the general manager of business development and marketing department. Thereafter, he became the country manager and project director of Sunway Innopave Sdn Bhd (Abu Dhabi Branch) from 2007 to 2013.

Chung has held his current position since 2013 and has over 20 years of experience in the construction sector.

"The company will make the relevant announcements on the changes in the composition of the board in accordance with the requirements of Bursa Malaysia at the material time," said SunCon.

As at 3.47pm, SunCon shares were traded down 0.76% at RM1.30, with 999,400 shares done, giving it a market capitalisation of RM1.69 billion. -- theedgemarkets.com