MCT top brass resign, gets two new directors

KUALA LUMPUR (Jan 24): Property developer MCT Bhd has announced a slew of boardroom changes, including its chief executive officer (CEO) Jose Juan Z Jugo who resigned from his position.

In a filing with Bursa Malaysia yesterday, MCT said Jugo, 46, stepped down to pursue his other personal interest.

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The Philippine national, who is also a non-executive director of MCT, took over the helm on March 15, 2017 from the group’s founder, Datuk Seri Tong Seech Wi. Tong had ceased to be a major shareholder following the disposal of his entire shareholding in the group in February 2018.

Separately, MCT’s chief financial officer (CFO) Maria Rochelle S Diaz, 38, also resigned from her position, citing the pursuit of personal interest as a reason.

The group is diligently exploring the appointment of new candidates to fill both positions, it said in the respective filings.

Meanwhile, MCT announced the appointments of Ma Luisa Dioquino Chiong and Apollo Bello Tanco as non-independent and non-executive directors.

Both of them are part of the Philippines' Ayala Land Inc, which first invested in MCT in 2015 and now owns a 66.3% stake in the group.

This article first appeared in The Edge Financial Daily, on Jan 24, 2019.

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