Lau Chin An redesignated as Chairman of Perduren

KUALA LUMPUR (Oct 1): Property developer Perduren (M) Bhd announced that its Deputy Chairman Datuk Lau Chin An has been redesignated at Chairman.

Lau is cousin of low-profile tycoon Tan Sri David Law Tien Seng — a major shareholder in Perduren through private vehicle TS Law Group Sdn Bhd, which hold 96.36 million shares or 71.42% of the developer.

Lau is also the uncle of Executive Director Law Wai Cheong.

Separately, Perduren has also appointed Loh Chen Yook as non-independent non-executive director, and Leow Hoi Loong @ Liow Hoi Loong as independent and non-executive director.

For the financial year ended March 31, 2014 (FY14), Perduren’s net profit almost tripled to RM6.9 million; from RM2.38 million previously, while revenue doubled to RM66.3 million, from RM29.35 million a year ago.

Shares in Perduren dropped 10 sen today to close at RM1.50, bringing its market capitalisation to RM202.38 million.