image by Yong Tai
KUALA LUMPUR: Melaka-based tourism-themed developer Yong Tai Bhd has reinstated Datuk Wira Boo Kuang Loon as its Chief Executive Officer (CEO), marking his return nearly nine months after his initial resignation on May 10, 2023.
The announcement, made through a bourse filing, highlighted that Boo's appointment is effective immediately. A significant shareholder in the company, the 51-year-old holds a 5.012% stake, underscoring his vested interest in Yong Tai's future.
The reshuffling also sees the departure of prominent businesswoman Datuk Leong Sir Ley from her role as Yong Tai's Managing Director cum CEO. Leong has been redesignated as a non-independent and non-executive director. She holds a substantial 24.2% stake through her investment vehicle Domain Capital Sdn Bhd and remains a key figure in the company's landscape. Leong is also the founding chairperson and CEO of Sheng Tai International (STI), a diversified development and hospitality company with significant projects in Melaka, including The Sail Melaka in Kota Laksamana.
Additionally, financial and business adviser See Tai Soon undergoes a similar redesignation, transitioning from an executive director to a non-independent and non-executive director.
Yong Tai's decision to bring back Boo as CEO suggests a strategic alignment with his vision and expertise. The move is anticipated to inject renewed vigour into the company's operations, leveraging Boo's previous experience and insights.
The dynamic changes within the leadership structure signal Yong Tai's commitment to navigating the complex landscape of the property development industry. The company's stakeholders, including Boo and Leong, are pivotal players with significant stakes, highlighting their vested interest in the company's growth trajectory.