Kretam announces chairman’s resignation and new board appointment
Yin Kong Fung cited other work commitments, while incoming director Chiong Yong Foo has more than 40 years of oil palm plantation management experience.
Kretam Holdings Bhd has reported that Yin Kong Fung resigned as executive chairman because of other work commitments. In its bourse filing, the Sabah-based oil palm company also named Chiong Yong Foo as a non-independent non-executive director.
Yin, 48, left his executive director role with effect from Nov 1. Appointed to the executive chairmanship in March 2024, he has also relinquished leadership of the company’s risk committee.
Chiong, 61, brings more than 40 years of oil palm plantation management experience, according to Kretam. He is an uncle of executive director Chiong Li Wei.
His indirect interests amount to 465.71 million shares (20%), held through Jeng Huat (Bahau) Realty Sdn Bhd and Kahang Palm Oil Mill Sdn Bhd.
Wong Lee Hung and substantial shareholder Datuk Lim Nyuk Sang, also known as Freddy Lim, remain on the risk committee. Lim’s holdings comprise a direct stake of 33.07% and an indirect stake of 12.76% through Santraprise Sdn Bhd.
At Monday’s close, Kretam shares were unchanged at 64 sen, putting its market capitalisation at RM1.47 billion.
