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Kumpulan Hartanah Selangor dismisses CFO

KUALA LUMPUR (July 5): Kumpulan Hartanah Selangor Bhd’s (KHS) chief financial officer Ching Hong Seng was terminated due to disciplinary reasons, according to a company announcement to Bursa Malaysia.

No details were given as to the nature of the disciplinary action. Ching had been with KHS since May 2004 where he held the position of senior manager of finance. He had held his current position since September 2005.

KHS is currently in the red having recorded a net loss of RM5.2 million while its revenue stood at RM9.9 million. The company has been loss-making for the past two years, chalking up net losses of RM39.73 million and RM39 million for FY11 and FY10 respectively.

In notes accompanying the announcement, KHS stated it has several strategic projects that it is working on for the coming year. This includes an upcoming development at Pulau Indah and a 9.6-acre (3.84ha) piece of land in Petaling Jaya. KHS has also sold out Phase 1 of the Selangor Halal Hub Pulau Indah measuring 300 acres.

This article appeared in The Edge Financial Daily July 5, 2012.

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