GDB revamps board amid shareholding reshuffle

KUALA LUMPUR (Feb 9): GDB Holdings Bhd on Friday announced a series of boardroom changes following significant shifts in its substantial shareholding structure.

Non-executive chairman Datuk Seri Chia Lui Meng, who served for more than eight years, has resigned citing personal commitments. He is succeeded by Clement Wong Teck Hoo, 45, an independent director appointed on Dec 15, 2025.

Clement is the founding and managing partner of Messrs Clement & Company in Kuching, Sarawak. He brings over 20 years of experience in legal, compliance and corporate advisory, according to GDB's filing.

Separately, GDB appointed Dasmand Wong Wei Ming, 42, as executive director. He is the owner of Vertex Consulting Company and also serves as vice president, Asia Pacific, at Zhejiang Southeast Space Frame Co Ltd, a China-listed steel structure engineering firm.

Desmond also brings over 15 years of leadership experience within a family office-backed group of companies across diversified industrial businesses in Papua New Guinea, spanning forestry, manufacturing, logistics and plantations.

On the shareholder front, GDB’s original promoters, Cheah Ham Cheia and Alexander Lo Tzone Leong, have been paring down their stakes since Dec 12, 2025. The duo has been the largest shareholders of GDB since it was listed on the ACE Market in March 2018.

This paved the way for the emergence of new substantial shareholder Andy Lai Wee Young, 32, who now holds 13.12%. Lai has been appointed executive director and acting group managing director.

In the past few days, Cheah has been selling more stakes. Nevertheless, he remains GDB’s largest shareholder with a 17.64% stake via CHC Holdings Sdn Bhd, down from 48.94% previously, while Lo has reduced his holding to 11.34% from 21.07%.

Last week, GDB secured two road construction contracts in Sarawak worth a combined RM121.4 million, marking its maiden entry into the East Malaysian market.

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