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Sunway property development division joint MD resigns

KUALA LUMPUR (March 11): Sunway Bhd announced the resignation of Ong Pang Yen, its joint managing director of the group’s property development division (PDD), effective May 1, 2015, as he will be joining Sunway Education Group Sdn Bhd.

According to Sunway’s announcement to Bursa Malaysia, Ong has been with the Sunway group for 22 years, and has served as the chief operating officer for property development China and managing director for property development division–international.

“In May 2013, he was appointed as the joint managing director of PDD, Malaysia/Singapore to assist in strengthening the property development team, and was instrumental in the implementation and execution of several major initiatives,” said Sunway (fundamental: 1.5; valuation: 1.2).

Following his resignation, Sarena Cheah Yeah Tih, currently joint managing director, will be appointed as the managing director of Sunway’s PDD.

Sarena Cheah is the daughter of Tan Sri Datuk Sri Jeffrey Cheah Fook Ling, executive chairman and major shareholder of Sunway.

Sunway closed unchanged at RM3.48 today, with a market capitalisation of RM6.0 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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