Lim Kang Hoo’s nephews exit Ekovest, IWCity boards to focus on LSH Capital

KUALA LUMPUR (Aug 7): Tan Sri Lim Keng Cheng and Datuk Lim Keng Guan are stepping down from their roles in companies linked to their uncle, Tan Sri Lim Kang Hoo, 70, to focus on Lim Seong Hai Capital Bhd (KL:LSH), where they both hold controlling stakes.

Ekovest Bhd announced the resignation of Keng Cheng, 64, as non-independent non-executive director, while Iskandar Waterfront City Bhd (KL:IWCITY) announced the resignation of Keng Guan, 62, from his role as non-independent non-executive director, in separate filings with Bursa Malaysia.

Keng Cheng, who holds a 2.88% indirect stake in Ekovest, said he will also focus on education-based social work.

Keng Cheng owns a 59.411% indirect interest in Lim Seong Hai Capital through Lim Seong Hai Resources Sdn Bhd, while Keng Guan owns a 59.42% indirect stake through the same entity. They each hold a 1.784% direct stake in the company.

Keng Cheng was Ekovest’s managing director from May 2011 to March 2024 before being redesignated to his current role on March 6, 2024. He is currently non-executive chairman of Lim Seong Hai Capital.

Keng Guan joined the board of Iskandar Waterfront City as an executive director in July 2013 before being redesignated as non-independent non-executive director on March 8, 2024. He is currently executive vice-chairman of Lim Seong Hai Capital.

Ekovest shares closed 2.5% or half a sen lower to 19.5 sen on Friday, valuing the company at RM578.26 million. Iskandar Waterfront City shares were unchanged at 23.5 sen, giving the company a market capitalisation of RM216.47 million. Lim Seong Hai Capital closed up 1.28% or two sen to RM1.58, valuing the company at RM1.3 billion.

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