IGB REIT Management also announced that Lee Chen Chong and Tan Boon Lee will be standing down as directors come Dec 31, as part of the board reorganisation to facilitate independence and diversity in the boardroom.
Yong was later appointed as the executive director of MVC in 2003 and served as its chief executive officer, responsible for overseeing the management and operations of Mid Valley Megamall.
The earnings growth was mainly supported by higher tenant sales and positive rental reversion due to high shopper footfall at the Mid Valley Megamall and The Gardens Mall, they said.
The REIT, whose portfolio includes the Mid Valley Megamall and The Gardens Mall, posted a 6.
St Giles Boulevard, which is part of the Mid Valley City mixed-use integrated development in Kuala Lumpur, is 28 storeys high and comprises 390 rooms.
Revenue from the property development division saw a more than three-fold increase to RM39.
The Tank Stream Hotel is a 15-storey hotel building with 280 rooms.
In a note on Thursday (July 27), the research house said IGB REIT recorded core net profit of RM177.
The occupancy rate of the REIT's portfolio of 10 assets — which includes The Gardens' North and South Towers, Menara IGB, G Tower and Menara Tan & Tan — rose to 78.
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