PRG group MD Andrew Chan steps down as boardroom tussle continues

KUALA LUMPUR (July 14): PRG Holdings Bhd (KL:PRG) announced on Monday that Andrew Chan Lim-Fai (pictured) has stepped down as group managing director (MD) and executive director with immediate effect.

PRG in a statement said Chan, 47, informed the board of his decision to resign as director on July 6 ‘in the company’s best interest’. The board has appointed Steven Kang, managing director of PRG’s energy efficiency business, as his replacement.

Kang has experience in energy efficiency, green buildings, data centres, heating, ventilation and air conditioning systems, business development and technical advisory. PRG also appointed Shahjanaz Kamaruddin, an independent non-executive director of Hextar Industries Bhd (KL:HEXIND), as a company director. She is also a partner at law firm Azlin Shaharbi and Associates.

The leadership change comes after PRG’s shareholders, including second-largest shareholder Datuk Sheah Kok Fah and others holding over 10% of the company, called for an extraordinary general meeting (EGM) to remove Chan and restructure the board on July 8, 2026. This was Sheah’s second attempt to remove Chan.

They proposed appointing Sheah, Datuk Richard George Azlan Abas and Datuk Dr Teo Tong Kooi as new directors, while seeking to remove any director appointed before the EGM, except their nominees.

Sheah, who owns an 8.14% stake in PRG, had previously tried to remove Chan at the June AGM, citing corporate governance concerns, including an undisclosed related-party transaction involving a proposed RM37.17 million debt settlement with Premier De Muara Sdn Bhd (PDM), a company linked to PRG’s largest shareholder Datuk Ng Yan Cheng. Ng owns a 16.39% stake in PRG. The United States national Chan is Ng’s son-in-law.

The transaction is linked to the Picasso Residence project, where PRG's construction unit Premier Construction (International) Sdn Bhd (PCI) was appointed the main contractor by PDM.

"The board accepted Chan's resignation and wishes to place on record its sincere appreciation for his contributions and service to the group during his tenure," PRG said. Chan is now facilitating an orderly transition of responsibilities to his successor. The board wishes him every success in his future endeavours."

“The board believes these leadership changes provide continuity while reinforcing the company's ongoing commitment to sound governance, accountability and responsible stewardship. The transition reflects the board's responsibility to ensure that the company's leadership remains aligned with its strategic priorities and the long-term interests of the company and its shareholders,” it added.

Independent review to continue

PRG also said the independent review by PKF Covenant Equity Consulting Sdn Bhd into transactions between PCI and PDM will continue without interruption.

The group said its board remains committed to allowing the review to proceed independently and will make the necessary announcements upon its completion in accordance with Bursa Malaysia's listing requirements.

PRG added that it would continue pursuing recovery actions relating to amounts owed to the group through the appropriate legal channels.

"The board will continue to act in the best interests of the company and all shareholders through responsible governance, transparency and accountability," it said.

PCI in discussions with subcontractors to resolve claims

Separately, PRG said in its bourse filing that PCI is engaging with the relevant subcontractors to resolve claims arising from the Picasso Residence project amicably.

The company said it will continue discussions with the subcontractors and make further announcements on any material development as and when necessary.

PCI received statutory demands on June 19 from three subcontractors over alleged unpaid dues totalling approximately RM633,000. The demands were served by Messrs The Law Office of Wong & Ang on behalf of the claimants.

The claims comprise RM57,162.24 by HOD Construction Sdn Bhd for granite works, RM519,640.10 by Symmetry Engineering Sdn Bhd for air-conditioning and mechanical ventilation works, and RM56,395.23 by CML Plumbing Sdn Bhd for rainwater downpipe works.

PRG is also facing a RM21.22 million payment demand from Ng over unpaid shareholder advances.

Ng has given PRG 21 days to settle the amount, failing which he may take legal action to wind up the company. The letter of demand was dated June 30, 2026.

The demand comes after PCI sought RM64.24 million in unpaid payments from the Ng-linked PDM for the completed Picasso Residence project. On July 9, it announced that it would start winding-up proceedings against PDM to recover the monies owed.

Read also:
PRG Holdings seeks to wind up firm linked to largest shareholder over RM64m project dispute
PRG served with RM21.22 mil statutory demand from shareholder Ng Yan Cheng
PRG appoints PKF Covenant Equity to conduct independent review of related-party transactions
PRG Holdings board terminates related-party debt settlement, initiates independent review

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