Ideal Property Group chief resigns from Mega Sun City board

In a filing with Bursa Malaysia yesterday, Mega Sun City said that Ooi, 46, has resigned due to other personal commitments.

Ooi is no stranger to the Penang property scene. He is the executive chairman of Ideal Property Group, which is famed for its affordable and medium range developments on the island.

In a separate filing with the exchange, Mega Sun City announced that its executive director, Datuk Liang Chee Fong, 44, had been redesignated to the role of managing director following Ooi’s resignation.

Ooi relinquished his substantial stake in Mega Sun City in November 2015. He disposed of 41.39 million shares, representing a 22% stake in the company.

At the same time, Klang-based company Success Tower Sdn Bhd purchased 49.05 million shares in Mega Sun City, which was then known as Ideal Sun City Holdings Bhd, bringing its total shareholdings in the company to 58.05 million or a 31.27% stake.

Mega Sun City provides project management services for commercial and residential property developments.

Its shares closed down 0.5 sen (1.47%) to 33.5 sen yesterday, giving a market capitalisation of RM63.65 million.

This article first appeared in The Edge Financial Daily, on Feb 7, 2017.

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